# In the matter of Ratandeep Infrastructure Private Limited

> NCLT judgment dated 2023-09-21. Citation: TCN-2023-NCLT-01518. 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-01518
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ratandeep-infrastructure-private-limited-a4fbcaeb

## 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 in I.A. No. 193 of 2022. Prince Jain, a shareholder in Ratandeep Infrastructure Private Limited, sought to be impleaded in IA 193/2022, which was filed by the liquidator, Alok Kumar Kuchhal. The applicant claimed that the liquidator acted in violation of Section 40(2) of the Code, 2016 by belatedly acknowledging the claim. The applicant also stated that the tribunal allowed the impleadment of M/s Bankey Bihari Infrahomes Private Limited in IA No. 193 of 2022 vide an order dated 05.07.2022. The applicant also filed a separate application i.e. I.A No. 177 of 2022 wherein this

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## Facts

Prince Jain filed IA No. 247/2022 seeking impleadment in IA No. 193/2022, which was filed by the liquidator, Alok Kumar Kuchhal, in CP (IB) No. 45/ALD/2019. Prince Jain claimed to be a shareholder in the corporate debtor, Ratandeep Infrastructure Private Limited, with a total claim of Rs. 1.85 crores. The liquidator opposed the impleadment, arguing that Prince Jain lacked locus standi because he invested in the corporate debtor during the pending adjudication of CIRP proceedings and purchased 32% shares shortly before the commencement of CIRP. The Resolution Professional had initially placed Prince Jain's claim on hold due to the shares not being transferred. The applicant also filed a separate application i.e. I.A No. 177 of 2022 wherein this tribunal vide an order

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## Issues and analysis

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

**Ratio:** The impleadment of parties is ultimately within the ambit of the exercise of discretion

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**Reasoning:** The tribunal relied on a decision by the NCLAT Chennai Bench, which held that there is no

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**Interpretation:** The legal issue revolves around the interpretation of the Insolvency and

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**Application:** The tribunal applied the ratio 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…
- **2022-02-21 — Claim Fi…**: Applicant initially…

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