NDLI: Rahul Jain Vs. Rave Scans Pvt. Ltd. &

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	2016 Insolvency and Bankruptcy Code ss.10 and 30
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Insolvency and Bankruptcy Code, 2016 (31 of 2016)
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	Insolvency and Bankruptcy Code, 2016 – ss.10 and 30 – Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 – regn.38 – Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor u/s.10 of the IBC – The appellant was the resolution applicant of the corporate debtor, whose liquidation value was ascertained as 36 crores and against the said amount appellant offered 54 crores to revive the corporate debtor in terms of the resolution plan – The resolution plan was revised by the appellant, which was approved by the adjudicating authority i.e. NCLT – Second respondent (dissenting creditor) challenged the resolution plan alleging that it was provided with only 32.34% of its admitted claim, whereas other financial creditors were provided with 45% of their admitted claims and hence it was discriminatory – NCLAT directed the appellant to increase the liquidation value of the offer to second respondent – On appeal, held: In the instant case, second respondent was provided with 32.34% of its admitted claim as it had dissented with the plan – On the other hand, other financial creditors were provided with 45% of the admitted claim – Given that the resolution process began well before the amended regulation 38 came into force (in fact, January, 2017) and the resolution plan was prepared and approved before that event, the wide observations of the NCLAT, requiring the appellant to match the pay-out (offered to other financial creditors) to second respondent, was not justified – The court noticed that the liquidation value of the corporate debtor was ascertained at 36 crores – Against the said amount, the appellant offered 54 crores – The plan was approved and, except the objections of the dissenting creditor (second respondent), the plan had attained finality – Having regard to these factors and circumstances, the NCLAT’s order and directions were not justified, consequently set aside – The order of the NCLT restored.
Judge	Hon'ble Mr. Justice S. Ravindra Bhat
Neutral Citation	2019 INSC 1228
Petitioner	Rahul Jain
Respondent	Rave Scans Pvt. Ltd. &
SCR	[2019] 13 S.C.R. 1127
Judgement Date	2019-11-08
Case Number	7940

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