# In the matter of Jai Annanya Investments Pvt. Ltd. C.P. (IB) No. 2119-KB-2019

> NCLT judgment dated 2022-11-15. Citation: TCN-2022-NCLT-00450. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 Nov 2022
- **Citation:** TCN-2022-NCLT-00450
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jai-annanya-investments-pvt-ltd-cp-ib-no-2119-kb-2019-61003fc8

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Adventz Finance Pvt. Ltd. (Financial Creditor) against Jai Annanya Investments Pvt. Ltd. (Corporate Debtor). The application was initially rejected by the Adjudicating Authority, but this order was appealed against by the Financial Creditor at the NCLAT. The NCLAT set aside the Adjudicating Authority's order and revived the Section 7 application.

## Facts

Adventz Finance Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Jai Annanya Investments Pvt. Ltd., seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority initially rejected the application. Adventz Finance Pvt. Ltd. appealed to the NCLAT, which set aside the Adjudicating Authority's order and revived the Section 7 application. The NCLAT directed the Adjudicating Authority to pass an order of admission. The Adjudicating Authority then admitted the Section 7 application, declared a moratorium under Section 14 of the IBC, and appointed Mr. Amit Choraria as the Interim Resolution Professional (IRP). The IRP is tasked with convening a meeting of the Committee of Creditors (CoC)

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in initially rejecting the Section 7 application …

**Ratio:** The NCLAT's decision to set aside the Adjudicating Authority's order indicates that the

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**Reasoning:** The NCLAT, after reviewing the case, found merit in the Financial Creditor's appeal and

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**Interpretation:** This highlights the appellate jurisdiction of the NCLAT and its role in

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**Application:** The NCLAT's decision directly impacted the case by reversing the initial

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Adventz Finance…
- **Respondents:** Jai Annanya…

## Timeline

- **2022-01-12 — Initial Rejection of…**: The Adjudicating Authority rejected the Section 7 application filed by the Financial…
- **2022-10-12 — NCLAT Or…**: NCLAT set aside the Adjudicating Authority's…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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