# In the matter of Devi Kalesh

> NCLT judgment dated 2024-11-05. Citation: TCN-2024-NCLT-00306. The application was filed by CA Jasin Jose, the Resolution Professional for Ms Devi Kalesh,…

- **Court:** NCLT
- **Order date:** 5 Nov 2024
- **Citation:** TCN-2024-NCLT-00306
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/devi-kalesh-0bee9c3e

## Summary

### Background

The application was filed by CA Jasin Jose, the Resolution Professional for Ms Devi Kalesh, Personal Guarantor to M/s Tanish My Zone Supermarkets India Limited, seeking an order of the Tribunal to take on record the decisions of the meeting of Committee of Creditors under section 112 of IBC, and order Non-submission of Repayment Plan is as good as rejecting the repayment plan under section 114 of IBC, and pass order declaring creditors are entitled to proceed with bankruptcy. The Insolvency Resolution Process against Ms Devi Kalesh was initiated on 25.06.2024 by an order passed by the Tribunal in CP(IBC)/26/KOB/2023 wherein the Applicant herein was appointed as the Resolution Professional. The Applicant/Resolution Professional made a public announcement of the

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## Facts

The Resolution Professional (CA Jasin Jose) for Ms. Devi Kalesh, the Personal Guarantor to M/s Tanish My Zone Supermarkets India Limited, filed an application seeking an order to record the decisions of the Committee of Creditors under section 112 of the IBC. The application also sought a declaration that non-submission of a repayment plan is equivalent to rejecting it under section 114 of the IBC, allowing creditors to proceed with bankruptcy. The Insolvency Resolution Process against Ms. Devi Kalesh was initiated on 25.06.2024. The Resolution Professional made a public announcement on 01.07.2024, inviting claims from creditors. The South Indian Bank Limited, the financial creditor, submitted a claim of Rs. 4,64,63,373.09/-. The Resolution Professional requested the

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## Issues and analysis

### Issue 1: Whether the non-submission of a repayment plan by the Personal Guarantor is equivalent to rejecting …

**Ratio:** Section 114(1) of the IBC states that the Adjudicating Authority shall approve or reject

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**Reasoning:** The Tribunal observed that no repayment plan has been submitted by the Personal

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**Interpretation:** The interpretation of Section 114(1) and Section 115(2) of the IBC is that the

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**Application:** In this case, since the Personal Guarantor did not submit a repayment plan, the

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** C.A. Jasi…
- **Respondents:** Tanish My Zone…; Ms Devi K…

## Timeline

- **2024-06-25 — Initiation of…**: The Insolvency Resolution Process against Ms Devi Kalesh was initiated by an order passed…
- **2024-07-01 — Public Annou…**: The Applicant/Resolution Professional made a public announcement of the commencement of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 112 — Report of meeting of creditors on repayment plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-112)

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