# Mr. Jayanti Lal Jain (Resolution Professional) vs. M/s. VXL Instruments Limited

> NCLT judgment dated 2026-09-09. Citation: TCN-2026-NCLT-01005. The Corporate Insolvency Resolution Process (CIRP) for M/s. VXL Instruments Limited (Corporate…

- **Court:** NCLT
- **Order date:** 9 Sept 2026
- **Citation:** TCN-2026-NCLT-01005
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/mr-jayanti-lal-jain-resolution-professional-vs-ms-vxl-instruments-limited-dva2a

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for M/s. VXL Instruments Limited (Corporate Debtor) commenced on November 26, 2024, with Mr. Jayanti Lal Jain appointed as the Interim Resolution Professional. M/s. Kapishvar Silicates Private Limited, the sole Financial Creditor, constituted the Committee of Creditors (CoC). A Resolution Plan submitted by the Consortium of NG Organics Private Limited and Mr. Nitinbhai Govindbhai Patel was approved by the CoC with 100% voting share on May 23, 2026. The Resolution Professional then filed an application with the NCLT for its approval.

## Facts

Mr. Jayanti Lal Jain, the Resolution Professional of M/s. VXL Instruments Limited, filed an application seeking approval of a Resolution Plan.

The Resolution Plan was submitted by the Consortium of NG Organics Private Limited and Mr. Nitinbhai Govindbhai Patel.

The Resolution Plan was approved by the Committee of Creditors (CoC) with a 100% voting share in its 12th meeting held on May 23, 2026.

M/s. VXL Instruments Limited (Corporate Debtor) was incorporated on February 28, 1986, and is listed on the Bombay Stock Exchange.

The Corporate Debtor is primarily engaged in manufacturing electronic instruments but has not undertaken significant business activity since April 1, 2024, and does not own fixed assets.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Consortium of NG Organics Private Limited and Mr. …

**Ratio:** The Resolution Plan was found to be compliant with Section 30(2) of the IBC, 2016, and

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**Reasoning:** The Resolution Professional (RP) submitted a Compliance Certificate in Form H and a Due

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**Interpretation:** Compliance with statutory provisions and regulations is a prerequisite for the

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**Application:** The NCLT, after reviewing the RP's submissions and certificates, concluded that

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## Parties

- **Judges:** SH. PRABHAT…; SH. SUSHIL…
- **Appellants:** Jayanti Lal Jain…; Consortium of NG…; +1 more
- **Respondents:** M/s. VXL Instrumen…
- **Other parties:** Committee of…; M/s. Kapishvar…; +2 more
- **Advocates:** Aniruth Purusotham…; Aditya Shivswaroop…; +1 more

## Timeline

- **2024-11-26 — CIRP Initiation and IRP…**: The Corporate Insolvency Resolution Process (CIRP) for M/s. VXL Instruments Limited was…
- **2024-12-02 — Order Recei…**: Date of receipt of the order for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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