# In the matter of Jitendra Kumar Jain Vs. Bhausaheb A Rupnar, IA No. 35/ 2022 in CP No. 1222/I&B/2019

> NCLT judgment dated 2022-05-04. Citation: TCN-2022-NCLT-02911. The application I.A. No. 35/2022 was filed by the Resolution Professional, Mr. Jitendra Kumar…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02911
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jitendra-kumar-jain-vs-bhausaheb-a-rupnar-ia-no-35-2022-in-cp-no-1222ib2019-56d4cb3d

## Summary

### Background

The application I.A. No. 35/2022 was filed by the Resolution Professional, Mr. Jitendra Kumar Jain, seeking the closure of the Insolvency Resolution Professional process against the Personal Guarantor, Mr. Bhausaheb A. Rupnar, under Section 114 of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Fabtech Projects and Engineers Limited based on a petition filed by Bank of Maharashtra. Subsequently, an application was filed to initiate the Insolvency Resolution Process against the Personal Guarantor. The Resolution Professional was appointed, and a public announcement was made to invite claims from creditors. A meeting was held with the guarantors to explain the process, but the guarantors did not share

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## Facts

Mr. Jitendra Kumar Jain, the Resolution Professional, filed an application (I.A. No. 35/2022) seeking the closure of the Insolvency Resolution Professional process against Mr. Bhausaheb A. Rupnar, the Personal Guarantor. The application was filed under Section 114 of the Insolvency & Bankruptcy Code, 2016. Bank of Maharashtra initiated Corporate Insolvency Resolution Process (CIRP) against Fabtech Projects and Engineers Limited. Subsequently, an application was filed to initiate the Insolvency Resolution Process against the Personal Guarantor. Mr. Jitendra Kumar Jain was appointed as the Resolution Professional. A public announcement was made inviting claims from creditors. The Personal Guarantor submitted a Repayment Plan, which was disapproved by 94.71% of the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should close the Insolvency Resolution Process of the Personal …

**Ratio:** Section 114 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The PG-COC disapproved the Repayment Plan of the Personal Guarantor with 94.71% of the

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**Interpretation:** The legal issue revolves around the interpretation of Section 114 and 115 of

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**Application:** In this case, the PG-COC rejected the Repayment Plan with a significant

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## Parties

- **Judges:** H. V. Sub…; Chandra Bha…
- **Appellants:** Jitendra Kumar…
- **Respondents:** Fabtech Projects…

## Timeline

- **2019-09-24 — Admission of Company…**: The Bench admitted Company Petition No. 1222 of 2019 filed by Bank of Maharashtra against…
- **2021-02-22 — Initiation of…**: The Bench initiated the Insolvency Resolution Process against the Personal Guarantor,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 121 — Application for bankruptcy](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-121)

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