# In the matter of Jairam Foundry Private Limited

> NCLT judgment dated 2024-10-15. Citation: TCN-2024-NCLT-00432. The case involves an application (IA(IBC) 1893/2024) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 15 Oct 2024
- **Citation:** TCN-2024-NCLT-00432
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jairam-foundry-private-limited-eb1ed0e9

## Summary

### Background

The case involves an application (IA(IBC) 1893/2024) filed in connection with a Corporate Insolvency Resolution Process (CIRP) under CP (IB) No. 59/7/HDB/2022. A memo was filed stating that the amount realised by the Resolution Professional has been distributed to the stakeholders as per the approved resolution plan.

## Facts

Smt. Pushpa Soni is the Financial Creditor and Jairam Foundry Pvt Ltd is the Corporate Debtor. An application IA(IBC) 1893/2024 was filed in CP (IB) No. 59/7/HDB/2022. The Resolution Professional distributed the amount realised to the stakeholders as per the approved resolution plan. The Chairman of the Monitoring Committee was present through video conference. A memo was filed stating that the amount realised by the Resolution Professional has been distributed to the stake holders as per the approved resolution plan, as such nothing survives. The memo is taken on record. The Chairman of the Monitoring Committee is discharged and further proceedings stands terminated.

## Issues and analysis

### Issue 1: Whether the application IA(IBC) 1893/2024 should be allowed given the distribution of funds as per …

**Ratio:** When a resolution plan has been approved and implemented, and the proceeds have been

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**Reasoning:** The court reasoned that since the amount realised by the Resolution Professional has been

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**Interpretation:** This interprets the successful implementation of a resolution plan as a basis

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**Application:** The ratio and reasoning are applied to the fact that the resolution plan was

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Jairam Foundry…

## Timeline

- **2024-10-15 — Hearing…**: Attendance cum order sheet of the…
- **2024-10-15 — Order…**: Application IA(IBC) 1893/2024 is allowed and disposed of. Chairman of the Monitoring…

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