# Mr. Dinesh Kumar Jain vs. Vishal Rice Exports Private Limited

> NCLT judgment dated 21 Apr 2026. Citation: TCN-2026-NCLT-00445. This application, IA(IBC)/1683/(CH)/2023, was filed by Mr. Deepankur Sharma, Interim…

- **Court:** NCLT
- **Order date:** 21 Apr 2026
- **Citation:** TCN-2026-NCLT-00445
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/mr-dinesh-kumar-jain-vs-vishal-rice-exports-private-limited-8aygh

## Summary

### Background

This application, IA(IBC)/1683/(CH)/2023, was filed by Mr. Deepankur Sharma, Interim Resolution Professional (IRP) for Vishal Rice Exports Pvt. Ltd., under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by M/s Kasturi Lal Ashok Kumar (Successful Resolution Applicant - SRA). Vishal Rice Exports Pvt. Ltd., a private limited company incorporated on 26.02.2008 and engaged in the rice milling business, was admitted into Corporate Insolvency Resolution Process (CIRP) on 12.10.2022 following an application by Mr. Dinesh Kumar Jain, an Operational Creditor. Mr. Deepankur Sharma was appointed as the IRP on the same date. The Committee of Creditors (COC), comprising Canara Bank (Secured Financial Creditor) and Punjab

…

## Facts

IA(IBC)/1683/(CH)/2023 was filed by Mr. Deepankur Sharma, IRP/Acting RP, seeking approval of a Resolution Plan for Vishal Rice Exports Pvt. Ltd.

The Resolution Plan was submitted by M/s Kasturi Lal Ashok Kumar (Successful Resolution Applicant - SRA).

Vishal Rice Exports Pvt. Ltd. (Corporate Debtor) was incorporated on 26.02.2008 and admitted into Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Code on 12.10.2022.

Mr. Deepankur Sharma was appointed as Interim Resolution Professional (IRP) for the Corporate Debtor on 12.10.2022.

The Committee of Creditors (COC) approved the Resolution Plan in its 11th Meeting dated 15.05.2023 with an 80.63% voting share.

Total claims received were Rs. 14,91,34,586.21/-, and admitted claims were Rs. 14,39,83,495.93/-.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the …

**Ratio:** A Resolution Plan can be approved by the Adjudicating Authority under Section 31(1) of

…

**Reasoning:** The CoC approved the Resolution Plan with an 80.63% voting share. The Tribunal found the

…

**Interpretation:** Sections 30(2) and 31 of the IBC and Regulation 38 of the CIRP Regulations

…

**Application:** The Resolution Plan was found to comply with all statutory provisions. Despite

…

## Parties

- **Judges:** KHETRABASI…; MEMBER (JUD…; +2 more
- **Appellants:** Dinesh Kuma…
- **Respondents:** Vishal Rice…
- **Other parties:** Insolvency and…; Corporate…; +12 more
- **Advocates:** Vaibhav…; Swati Vas…

## Timeline

- **2008-02-26 — Corporate Debtor…**: Vishal Rice Exports Private Limited was…
- **2022-10-12 — CIRP Commencement and…**: Vishal Rice Exports Pvt. Ltd. was admitted into Corporate Insolvency Resolution Process…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-kolkata/mr-dinesh-kumar-jain-vs-vishal-rice-exports-private-limited-8aygh