# In the matter of  Shop CJ Network Private Limited IA 2897-MB-IV-2022 in CP (IB) No.1224-MB-IV-2019

> NCLT judgment dated 2023-03-21. Citation: TCN-2023-NCLT-04113. The case involves an application (IA 2897/MB-IV/2022) filed in CP (IB) No.1224/MB-IV/2019 under…

- **Court:** NCLT
- **Order date:** 21 Mar 2023
- **Citation:** TCN-2023-NCLT-04113
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shop-cj-network-private-limited-ia-2897-mb-iv-2022-in-cp-ib-no1224-mb-iv-2019-063ecfc9

## Summary

### Background

The case involves an application (IA 2897/MB-IV/2022) filed in CP (IB) No.1224/MB-IV/2019 under Section 30 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a Resolution Plan for the Corporate Debtor, Shop CJ Network Private Limited. The Resolution Plan was filed by Besto Trademark Limited and approved by 100% vote of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by a Financial Creditor, leading to the appointment of an Interim Resolution Professional (IRP) and subsequently the Applicant as the Resolution Professional (RP). The CoC was formed, and a forensic audit was conducted to investigate past transactions of the Corporate Debtor. The RP presented the Resolution

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shop CJ Network Private Limited following the admission of a company petition filed by a Financial Creditor. Mr. Sanjay Shrivastava was initially appointed as the Interim Resolution Professional (IRP), and subsequently, Mr. Darshan Bharatbhai Patel was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, consisting of Centre for Economic and Social Inclusion Private Limited (Financial Creditor with 100% voting share), Opulence Global Purveying Private Limited, and Spectacular Media Marketing Private Limited (Operational Creditors). A forensic audit was conducted by M/s S L Gupta and Associates. The RP filed an application seeking approval of the Resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Besto Tradelink Limited complies with the provisions of …

**Ratio:** Section 30(2) of the IBC outlines the requirements for a resolution plan, including

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**Reasoning:** The Adjudicating Authority considered the compliance certificate submitted by the

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**Interpretation:** Section 30(2) and Regulation 39(4) are interpreted to ensure that resolution

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**Application:** The Authority applied the ratio by verifying that the Resolution Plan complied

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Darshan Bharatbhai…
- **Respondents:** Shop CJ Network…; Adonis Mobitrade…
- **Advocates:** Mr Nipun S…; Mr Kamil Lokhandwa…

## Timeline

- **2022-10-08 — Filing of IA No.…**: Application filed by Mr. Darshan Bharatbhai Patel, the Applicant/Resolution Professional,…
- **2019-01-01 — Filing of CP (IB)…**: Company Petition filed by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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