# Mr. Rajesh Jhunjhunwala (RP of Spenta Enclave Pvt. Ltd.) vs. Aurum Commercials LLP & Spenta Enclave Pvt. Ltd.

> NCLT judgment dated 2026-09-09. Citation: TCN-2026-NCLT-01006. The Corporate Insolvency Resolution Process (CIRP) was initiated against Spenta Enclave Pvt.…

- **Court:** NCLT
- **Order date:** 9 Sept 2026
- **Citation:** TCN-2026-NCLT-01006
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/mr-rajesh-jhunjhunwala-resolution-professional-of-spenta-enclave-pvt-ltd-vs-spen-jhv4c

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Spenta Enclave Pvt. Ltd. (Corporate Debtor) on March 24, 2023, following an application by Aurum Commercials LLP (Financial Creditor) under Section 7 of the IBC. Mr. Pranav J Damania was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Mr. Rajesh Jhunjhunwala as the Resolution Professional (RP). A consortium comprising Mr. Aspan Loveji Cooper, Mr. Rajiv Suryakant Shah, and Mr. Surinderkumar Bansilal Sharma emerged as the sole Successful Resolution Applicant (SRA). The Resolution Plan submitted by the SRA was approved by the Committee of Creditors (CoC) with a 91.58% voting share. The plan was initially remanded by the NCLT for clarification regarding its

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Spenta Enclave Private Limited (Corporate Debtor) was initiated on March 24, 2023, based on an application filed by Aurum Commercials LLP (Financial Creditor) under Section 7 of the IBC.

Mr. Pranav J Damania was initially appointed as the Interim Resolution Professional (IRP) and made a public announcement in Form A on March 30, 2023.

Mr. Rajesh Jhunjhunwala was appointed as the Resolution Professional (RP) of the Corporate Debtor, replacing the IRP, with a 91.6% majority vote by the Committee of Creditors (CoC) at its 2nd meeting on May 11, 2023.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Successful Resolution Applicant complies with the …

**Ratio:** The Resolution Plan, approved by the CoC with a 92.87% voting share, complies with

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**Reasoning:** The document explicitly states that the RP submits the plan is in compliance with legal

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**Interpretation:** Compliance with Section 30(2) and relevant regulations is a mandatory

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**Application:** The NCLT found that the Resolution Plan, including its treatment of various

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## Parties

- **Judges:** Anil Raj Chellan…; K. R. Saji Kumar…
- **Appellants:** Rajesh Jhunjhunwal…; Aspan Loveji…; +2 more
- **Respondents:** Spenta Enclave…; Aurum Commercials…
- **Other parties:** Committee of…; Home Bu…; +5 more
- **Advocates:** Amir Ars…; Manj Mi…; +1 more

## Timeline

- **2013-10-17 — Corporate Debtor…**: Spenta Enclave Private Limited…
- **2020-12-11 — MSME Certi…**: The Corporate Debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31(1) — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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