# In the matter of Mr. Jitender Kumar Jain Vs. Mr. Rajabhau A. Rupnar, IA No. 244/2022 in CP No. 1222/2019

> NCLT judgment dated 2022-05-04. Citation: TCN-2022-NCLT-02906. The case pertains to I.A. No. 244 of 2022 in C.P. No. 1222 of 2019 filed under Section 114 of…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02906
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mr-jitender-kumar-jain-vs-mr-rajabhau-a-rupnar-ia-no-2442022-in-cp-no-12222019-4f652112

## Summary

### Background

The case pertains to I.A. No. 244 of 2022 in C.P. No. 1222 of 2019 filed under Section 114 of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The application seeks the closure of the Personal Guarantor Insolvency Resolution Process (PG-IRP) of Mr. Rajabhau A. Rupnar. The Corporate Insolvency Resolution Process (CIRP) was initiated against Fabtech Projects & Engineers Limited, with Bank of Maharashtra as the Financial Creditor. An interim resolution professional was appointed for the Corporate Debtor. The Personal Guarantor's repayment plan was disapproved by the PG-COC with 93.24% voting against it.

## Facts

Bank of Maharashtra, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Fabtech Projects & Engineers Limited, the Corporate Debtor. An Interim Resolution Professional was appointed. Subsequently, an Interlocutory Application No. 1760 of 2020 was filed by the State Bank of India to initiate Personal Guarantor Insolvency Resolution Process (PG-IRP) against Mr. Rajabhau A. Rupnar, the Personal Guarantor. The PG-IRP was initiated on 22.02.2021, and Mr. Jitendra Kumar Jain was appointed as the Resolution Professional. A public announcement was made on 25.02.2021, inviting claims from the creditors. The Personal Guarantor submitted a repayment plan on 09.10.2021, which was disapproved by the PG-COC with 93.24% voting against it. The

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should close the Insolvency Resolution Plan against the Personal …

**Ratio:** Section 114 of the Insolvency and Bankruptcy Code stipulates that the Adjudicating

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**Reasoning:** The PG-COC rejected the repayment plan with a significant majority (93.24%). This

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**Interpretation:** Section 114 grants the Adjudicating Authority the power to either approve or

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**Application:** In this case, the PG-COC's overwhelming rejection of the repayment plan

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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 PG-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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