# 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-04118. 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-04118
- **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-2019-92253451

## 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. The application seeks approval of a Resolution Plan filed by Besto Trademark Limited for the Corporate Debtor, Shop CJ Network Private Limited. The Resolution Plan was 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 RP then invited Resolution Plans and conducted CoC meetings to discuss and approve the submitted plans.

## 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 RP invited Resolution Plans and conducted several meetings of the Committee of Creditors (CoC). A forensic audit was conducted to investigate past transactions of the Corporate Debtor. The CoC rejected a resolution plan submitted by Sheth Capital Services Private Limited due to non-compliance with Section 30(2) of the IBC. The RP presented a Resolution Plan submitted by Besto Tradelink Limited,

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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 and related CIRP Regulations mandate that a resolution plan must

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**Reasoning:** The Tribunal considered the compliance certificate submitted by the RP in revised Form H,

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**Interpretation:** Section 30(2) and the CIRP Regulations are interpreted to ensure that

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**Application:** The Tribunal applied the ratio by examining the compliance certificate and the

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Darshan Bharatbhai…
- **Respondents:** Shop CJ Network…; Adonis Mobitrade…

## Timeline

- **2019-01-01 — CP (IB)…**: CP (IB) No.1224/MB-IV/20…
- **2022-01-19 — Tribunal Admits…**: The Tribunal admitted the…

## 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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