# In the matter of Nexgen Laminators Private Ltd. IA Nos. 326,328 & 329-2021 in CP (IB) No. 406-Chd-Pb-2018

> NCLT judgment dated 2023-06-13. Citation: TCN-2023-NCLT-02964. The case involves applications (IA Nos. 326/2021, 328/2021, and 329/2021) filed in relation to…

- **Court:** NCLT
- **Order date:** 13 Jun 2023
- **Citation:** TCN-2023-NCLT-02964
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nexgen-laminators-private-ltd-ia-nos-326328-329-2021-in-cp-ib-no-406-chd-pb-2018-74fc0ab2

## Summary

### Background

The case involves applications (IA Nos. 326/2021, 328/2021, and 329/2021) filed in relation to a Corporate Insolvency Resolution Process (CIRP) initiated against Nexgen Laminators Private Ltd. The CIRP was triggered by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. IA 326/2021 concerns an application for extension/exclusion of 90 days for re-publication of invitation for the Expression of Interest (Form-G). IA 328/2021 and IA 329/2021, filed by Mr. Ramneek Goel, challenge the decision of the Committee of Creditors (CoC) to republish Form G, alleging fraudulent conduct and breach of confidentiality. The applicant, Mr. Goel, claims that Respondent No. 1 (Mr. Sunil Bajaj) submitted a resolution plan at a very late stage by

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Nexgen Laminators Private Ltd. based on an application by State Bank of India. Mr. Jalesh Kumar Grover was appointed as the Resolution Professional (RP). An invitation for Expression of Interest (Eol) was issued, and Mr. Ramneek Goel submitted his Eol and was initially identified as the H1 bidder. However, the CoC did not approve Mr. Goel's resolution plan. Subsequently, the RP received another resolution plan from Mr. Sunil Bajaj, offering a higher amount. The CoC then decided to republish Form G to seek better proposals. Mr. Ramneek Goel filed applications (IA Nos. 328/2021 and 329/2021) challenging the CoC's decision, alleging fraud and breach of confidentiality, claiming that Mr. Sunil

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority has the jurisdiction to adjudicate on the issue of alleged …

**Ratio:** The Adjudicating Authority has only a summary jurisdiction and cannot adjudicate on

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**Reasoning:** The court stated that it is not within its purview to adjudicate on the issue of alleged

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**Interpretation:** The scope of the Adjudicating Authority's powers is limited to ensuring

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**Application:** The court declined to adjudicate on Mr. Ramneek Goel's allegations that Mr.

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Ramneek…
- **Respondents:** M/s Nexgen…; Sunil B…

## Timeline

- **2019-11-25 — CIRP Commen…**: CIRP of the corporate debtor…
- **2019-12-18 — CoC Form…**: The RP constituted the Committee of…

## 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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