# In the matter of Bank of Baroda Ltd Vs. Viniet Kewalchand Jain, CP (IB)-524(MB)/2022

> NCLT judgment dated 2022-04-28. Citation: TCN-2022-NCLT-02996. The case pertains to an insolvency resolution process initiated by Bank of Baroda Limited…

- **Court:** NCLT
- **Order date:** 28 Apr 2022
- **Citation:** TCN-2022-NCLT-02996
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-ltd-vs-viniet-kewalchand-jain-cp-a39cb6ac

## Summary

### Background

The case pertains to an insolvency resolution process initiated by Bank of Baroda Limited against Mr. Viniet Kewalchand Jain, who is a personal guarantor to two corporate debtors, M/S Datsun Fashion Limited and M/S Rolson Synthetics Private Limited. The petition was filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016.

## Facts

Bank of Baroda Limited filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Viniet Kewalchand Jain, who is a personal guarantor to two corporate debtors: M/S Datsun Fashion Limited and M/S Rolson Synthetics Private Limited. Mr. Kairav Trivedi appeared for the Petitioner and was also proposed as the Resolution Professional. The court appointed Mr. Kairav Anil Trivedi as the Interim Resolution Professional (IRP) and directed him to examine the petition and submit a report within 10 days. The matter was listed for further hearing on 2022-06-27.

## Issues and analysis

### Issue 1: Whether Mr. Kairav Anil Trivedi should be …

**Ratio:** The court has the power to appoint an Interim Resolution Professional to oversee the

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**Reasoning:** The court considered the petition and the proposed Resolution Professional and found it

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**Interpretation:** The appointment of an IRP is a procedural step in the insolvency process,

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**Application:** Mr. Kairav Anil Trivedi was appointed as the IRP based on his qualifications

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** The Bank of…
- **Respondents:** M/S Datsun…; Viniet Kewalchand…

## Timeline

- **2022-04-28 — Hearing…**: Hearing of Mumbai Bench of the…
- **2022-06-27 — Next Hearin…**: Matter listed for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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