# In the matter of Dr. Jain Video On Wheels Ltd.

> NCLT judgment dated 2025-09-02. Citation: TCN-2025-NCLT-01397. Plum Salons Pvt. Ltd. filed an application under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Sept 2025
- **Citation:** TCN-2025-NCLT-01397
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/dr-jain-video-on-wheels-ltd-03bd71af

## Summary

### Background

Plum Salons Pvt. Ltd. filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an inquiry into the eligibility of SPSS Infrastructure Pvt. Ltd. (Respondent No. 3) as a Resolution Applicant, alleging that it did not meet the minimum net worth criteria and engaged in fraudulent transactions to inflate its share capital.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor commenced pursuant to an order dated 03.06.2021.

Plum Salons Pvt. Ltd. submitted a resolution plan which was rejected by the Committee of Creditors (CoC).

The Applicant alleges that SPSS Infrastructure Pvt. Ltd. (Respondent No. 3) did not meet the minimum financial eligibility criteria to participate in the CIRP.

The Applicant claims that SPSS Infrastructure Pvt. Ltd. inflated its share capital through circular banking transactions.

The CoC approved the resolution plan of SPSS Infrastructure Pvt. Ltd. with 100% voting share.

The Applicant raised objections regarding the eligibility of SPSS Infrastructure Pvt. Ltd. after the resolution plan was approved by the CoC.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can interfere with the commercial wisdom of the Committee of …

**Ratio:** The Adjudicating Authority cannot sit in appeal over the commercial wisdom of the CoC,

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**Reasoning:** The commercial wisdom of the CoC is paramount, and the Adjudicating Authority is not

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**Interpretation:** The Adjudicating Authority's role is limited to ensuring that the resolution

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**Application:** In this case, the Adjudicating Authority cannot interfere with the CoC's

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** Plum Salons Pvt.…
- **Respondents:** Jain Video on…; Committee of…; +2 more
- **Other parties:** Ingram Micro…
- **Advocates:** Bhargav…; Abhishek…; +2 more

## Timeline

- **2021-06-03 — Commencement…**: Corporate Insolvency Resolution Process of the Corporate Debtor commenced pursuant to the…
- **2021-08-13 — Appointment of Resolution…**: The appointment of the Resolution Professional was confirmed by this Adjudicating…

## 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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