# Approval of Resolution Plan - Jain Shoppers Private Limited

> NCLT judgment dated 2023-07-10. Citation: TCN-2023-NCLT-02595. The application was filed under sections 30(6) and 31(1) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Jul 2023
- **Citation:** TCN-2023-NCLT-02595
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-jain-shoppers-private-limited-ec7d5e79

## Summary

### Background

The application was filed under sections 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Jain Shoppers Private Limited.

## Facts

The application, I.A. (IB) No. 1666/KB/2022, was filed under section 30(6) of the Insolvency and Bankruptcy Code, 2016, along with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval for a Resolution Plan. This plan pertains to Jain Shoppers Private Limited, the Corporate Debtor. The underlying Company Petition, C.P. (IB) No. 1262/KB/2022, was initiated by Ashok Kumar Jhunjhunwala against Jain Shoppers Private Limited under section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted by an order dated February 17, 2022, thereby commencing the Corporate Insolvency Resolution Process ( CIRP ). Mr. Kamal Prakash Singh was initially appointed as the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Infinite Sharp Private Limited complies with the …

**Ratio:** A Resolution Plan approved by the Committee of Creditors with the requisite voting share

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**Reasoning:** The NCLT perused the Resolution Plan and found it to be in accordance with sections 30

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**Interpretation:** The court interpreted **sections 30 and 31** of the IBC and **regulations 38

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**Application:** The Resolution Plan provided for payment of CIRP costs in priority, addressed

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Ashok Kumar…
- **Respondents:** Jain Shoppers…
- **Advocates:** For the Applicant/…; Aniket Chaudhury,…; +1 more

## Timeline

- **February 17, 2022 — Company Petition…**: The Company Petition in C.P. (IB) No. 1262/KB/2022, filed by Ashok Kumar Jhunjhunwala…
- **February 19, 2022 — Public Announcement of…**: The IRP made a public announcement in newspapers regarding the initiation of Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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