# In the matter of Ratandeep Infrastructure Private Limited

> NCLT judgment dated 2023-09-21. Citation: TCN-2023-NCLT-01510. The case involves an application (IA No. 247/2022) filed by Prince Jain in CP (IB) No.…

- **Court:** NCLT
- **Order date:** 21 Sept 2023
- **Citation:** TCN-2023-NCLT-01510
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ratandeep-infrastructure-private-limited-981455aa

## Summary

### Background

The case involves an application (IA No. 247/2022) filed by Prince Jain in CP (IB) No. 45/ALD/2019 under Rule 11 of the NCLT Rules, 2016 and Order 1 Rule 10 of CPC for intervention/impleadment. Prince Jain, a shareholder in Ratandeep Infrastructure Private Limited, seeks to be impleaded as a party in IA 193/2022 filed by the liquidator, Alok Kumar Kuchhal. The applicant claims that the liquidator violated Section 40(2) of the Code, 2016 by belatedly acknowledging the claim. The applicant also refers to previous orders where Bankey Bihari Infrahomes Private Limited was impleaded. The applicant argues that as a majority shareholder, they should be impleaded in IA No. 193 of 2022.

## Facts

Prince Jain filed IA No. 247/2022 in CP (IB) No. 45/ALD/2019 seeking to be impleaded in IA 193/2022, which was filed by the liquidator, Alok Kumar Kuchhal. Prince Jain claims to be a shareholder in the corporate debtor, Ratandeep Infrastructure Private Limited, with a total claim of Rs. 1.85 crores including one lakh equity shares. The liquidator opposed the impleadment, arguing that Prince Jain lacks locus standi because he invested in the corporate debtor during the pending adjudication of CIRP proceedings. The liquidator also alleges collusion between Prince Jain and the erstwhile management and notes that Prince Jain purchased 32% shares shortly before the CIRP commencement. The Resolution Professional had initially placed Prince Jain's claim on hold due to

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## Issues and analysis

### Issue 1: Whether the applicant, Prince Jain, should be …

**Ratio:** The impleadment of parties is within the discretion of the Tribunal/Authority. No person

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**Reasoning:** The NCLT relied on the NCLAT's decision in Mr. Chinna Rao vs. Venkatasivakumar Erstwhile

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**Interpretation:** The legal principle is that the Tribunal has the discretion to decide whether

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**Application:** The NCLT applied this principle to the facts of the case, noting that Prince

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Prince…
- **Respondents:** Ratandeep…; Alok Kumar…

## Timeline

- **2019-01-01 — CP (IB) No. 45…**: Corporate Insolvency Resolution Process initiated against Ratandeep Infrastructure…
- **2022-02-21 — Claim Fi…**: Applicant initially…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 40(2) — Admission or rejection of claims](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-40)

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