# 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-02914. The case pertains to an application (I.A. No. 244/2020) filed by the Resolution Professional,…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02914
- **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-bd340925

## Summary

### Background

The case pertains to an application (I.A. No. 244/2020) filed by the Resolution Professional, Mr. Jitendra Kumar Jain, seeking the closure of the Personal Guarantor Insolvency Resolution Process (“PG-IRP”) of Mr. Rajabhau A. Rupnar. The application is filed under Section 114 of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The Corporate Insolvency Resolution Process was initiated against Fabtech Projects & Engineers Limited, with Bank of Maharashtra as the Financial Creditor. The Personal Guarantor's repayment plan was disapproved by the PG-COC with 93.24% voting against it.

## Facts

Bank of Maharashtra initiated Corporate Insolvency Resolution Process against Fabtech Projects & Engineers Limited. Mr. Rajabhau A. Rupnar was the Personal Guarantor. An Interlocutory Application No. 1760 of 2020 was filed by the State Bank of India for initiating the PG-IRP against 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 Resolution Professional submitted a report to the Tribunal on 28.11.2021. The Personal Guarantors filed Writ Petitions in the Bombay

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## Issues and analysis

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

**Ratio:** Section 114 of the Insolvency and Bankruptcy Code allows the Adjudicating Authority to

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**Reasoning:** The PG-COC rejected the repayment plan with a 93.24% majority. The Adjudicating Authority

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**Interpretation:** Section 114 grants the Adjudicating Authority the power to decide on the fate

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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…**: Bench admitted Company Petition No. 1222 of 2019 filed by Bank of Maharashtra against…
- **2021-02-22 — Initiation of…**: 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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