# In the matter of Wadhwa Buildcon LLP

> NCLT judgment dated 2024-03-20. Citation: TCN-2024-NCLT-02007. This is an Interlocutory Application (I.A. No. 828 of 2023) filed by Bank of India, the…

- **Court:** NCLT
- **Order date:** 20 Mar 2024
- **Citation:** TCN-2024-NCLT-02007
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wadhwa-buildcon-llp-1b314ea8

## Summary

### Background

This is an Interlocutory Application (I.A. No. 828 of 2023) filed by Bank of India, the Applicant, against Mr. Vishal Ghisulal Jain & Ors., the Respondent, under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016. The Applicant seeks directions against the Respondent, primarily challenging the approval of a resolution plan submitted by Mr. Ankit Wadhwa, the suspended director of the Corporate Debtor, Wadhwa Buildcon LLP. The Applicant contends that the resolution plan is illegal because Mr. Wadhwa was declared a willful defaulter before submitting the plan. The Applicant also raises concerns about the conduct of the Resolution Professional (RP) and the manner in which the Committee of Creditors (CoC) was reconstituted, allegedly to favor the approval of

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## Facts

1. Bank of India, a member of the CoC, filed an application to declare the resolution plan submitted by Mr. Ankit Wadhwa, the suspended director of the Corporate Debtor, as void because he was allegedly a willful defaulter under Section 29A of the IBC.
2. The Corporate Debtor, Wadhwa Buildcon LLP, was undergoing CIRP pursuant to an admission order dated 28 July 2020.
3. The Resolution Professional (RP) was appointed on 14 October 2020.
4. Mr. Prabhat Jain was the Authorised Representative (AR) of Financial Creditors in a class of Homebuyers and a CoC Member.
5. Mr. Vishal Parab, Mr. Vishal Patil, and Capri Global Capital Limited were Unsecured Financial Creditors and CoC Members.
6. Mr. Ankit Wadhwa, the Suspended Partner of the Corporate Debtor, was the Successful

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Ankit Wadhwa is valid, considering his status as a …

**Ratio:** Section 29A of the IBC disqualifies certain individuals, including willful defaulters,

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**Reasoning:** The NCLT reasoned that the plan considered for approval was the one submitted on

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**Interpretation:** Section 29A is interpreted to ensure that individuals who have contributed to

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**Application:** Since Mr. Wadhwa was a declared willful defaulter on 30.10.2022, he was

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Bank of…
- **Respondents:** Wadhwa Buildcon…; Vishal Ghisulal…

## Timeline

- **2020-07-28 — Admission…**: Corporate Debtor admitted into Corporate…
- **2020-10-14 — RP Appoin…**: Resolution Professional…

## 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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