# In the matter of Jain Studio Limited IA-5678(PB)-2020 & IA-2437-2021 in CP (IB)-244(PB)-2019

> NCLT judgment dated 2022-07-18. Citation: TCN-2022-NCLT-01670. The case involves two applications, IA-5678(PB)/2020 and IA-2437/2021, connected to CP…

- **Court:** NCLT
- **Order date:** 18 Jul 2022
- **Citation:** TCN-2022-NCLT-01670
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jain-studio-limited-ia-5678pb-2020-ia-2437-2021-in-cp-ib-244pb-2019-4967f907

## Summary

### Background

The case involves two applications, IA-5678(PB)/2020 and IA-2437/2021, connected to CP (IB)-244(PB)/2019. IA-5678(PB)/2020 was filed by the Resolution Professional, Manish Agarwal, for the Corporate Debtor, Jain Studios Limited, seeking approval of the resolution plan approved by the Committee of Creditors (CoC). IA-2437/2021 was filed by Scindia Potteries and Services Pvt Ltd, objecting to the resolution plan, claiming ownership of a property included in the plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against Jain Studios Limited following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Stressed Assets Stabilization Fund (SASF), a financial creditor. The Adjudicating Authority admitted the CIRP on 26.02.2020.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Jain Studios Limited following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Stressed Assets Stabilization Fund (SASF), a financial creditor. The Adjudicating Authority admitted the CIRP on 26.02.2020. Manish Agarwal was appointed as the Resolution Professional. The Committee of Creditors (CoC) was constituted on 20.03.2020. SASF filed its claim of Rs. 565,25,70,825. Asteroid Shelters homes Private Limited submitted a resolution plan, which was approved by the CoC with a 98.10% voting share. Scindia Potteries and Services Pvt Ltd (SPSPL) filed an application objecting to the resolution plan, claiming ownership of a property located at Scindia Villa, Sarojini Nagar,

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Asteroid …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is considered final, and the

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**Reasoning:** The resolution plan was approved by the CoC with a majority voting share of 98.10%. The

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**Interpretation:** Section 30(2) of the IBC outlines the requirements for a resolution plan, and

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**Application:** The Adjudicating Authority, being satisfied that the resolution plan met the

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** Manish Ag…
- **Respondents:** Jain Studios…; Stressed Assets…

## Timeline

- **2019-01-01 — CP (IB)-244(P…**: The case is registered…
- **2020-02-26 — CIRP Admi…**: The Adjudicating Authority admitted the…

## 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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