# In the matter of Jupiter Leys Private Limited

> NCLT judgment dated 2024-04-18. Citation: TCN-2024-NCLT-01681. The case involves an application filed by Central Bank of India, a financial creditor of M/s…

- **Court:** NCLT
- **Order date:** 18 Apr 2024
- **Citation:** TCN-2024-NCLT-01681
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jupiter-leys-private-limited-cc48345c

## Summary

### Background

The case involves an application filed by Central Bank of India, a financial creditor of M/s Jupiter Leys Private Limited (the Corporate Debtor), seeking direction for the 2nd Respondent to affirm a resolution in the 3rd CoC for appointing Mr. V Duraisamy as the Resolution Professional. The Corporate Debtor was admitted into CIRP on 22.12.2023, and the 1st Respondent was appointed as the Interim Resolution Professional. The Applicant held a 59.36% vote share in the CoC, while the 2nd Respondent held 40.64%.

## Facts

Central Bank of India, a financial creditor of M/s Jupiter Leys Private Limited, initiated proceedings under the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor, M/s Jupiter Leys Private Limited, was admitted into CIRP on 22.12.2023. The 1st Respondent was appointed as the Interim Resolution Professional. The Applicant (Central Bank of India) held a 59.36% vote share in the CoC, while the 2nd Respondent held 40.64%. The Applicant's claim was classified as unsecured because the secured assets had been sold under the SARFAESI Act before the CIRP initiation. The Applicant proposed Mr. Fanendra H Munot and later Mr. V Duraisamy as Resolution Professionals, but both were opposed by the 2nd Respondent. The 2nd Respondent proposed Shri. Ravindra Beleyur. The

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## Issues and analysis

### Issue 1: Whether an independent Resolution Professional should be appointed given the deadlock in the …

**Ratio:** When there is a significant disparity of opinions and a lack of cooperation within the

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**Reasoning:** The Tribunal noted the disparity of opinions between the Applicant and the 2nd Respondent

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**Interpretation:** This interpretation emphasizes the Tribunal's power to intervene when the CoC

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**Application:** Given the lack of consensus and the delay, the Tribunal applied the principle

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## Parties

- **Judges:** Shri. Shyam Babu…; T Krishna…
- **Appellants:** Central Bank of…
- **Respondents:** M/s. Jupiter Leys…; Ramakrishnan…

## Timeline

- **2023-12-22 — Admission in…**: The Tribunal admitted the…
- **N/A — Appointment…**: The 1st Respondent was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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