Ashok Kumar Jhunjhunwala Vs Jain Shoppers Private Limited (NCLT Kolkata)
1. This Court convened through video conferencing.
Preliminary
2. I. A. (IB) No. 1666/KB/2022 is an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016, after approval of the resolution plan by the Committee of Creditors (CoC).
3. This application was filed by Mr. Sudipta Ghosh, Resolution Professional of Jain Shoppers Private Limited (CIN: U51909WB2010PTC154672), by invoking the provisions of section 30(6) of the Insolvency and Bankruptcy Code, 2016[3 3h CHLI ‘ HG 3 IB&’L read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (3 CIRP Regulations‘) for approval of a Resolution Plan in respect of Jain Shoppers Private Limited (3 Corporate Debtor‘).
4. The underlying Company Petition in C.P. (IB) No. 1262/KB/2022 was filed by Ashok Kumar Jhunjhunwala against Jain Shoppers Private Limited, the Corporate Debtor, under section 9 of the Insolvency and Bankruptcy Code 2016, which was admitted vide order dated 17 February 2022.
5. Initially, Mr. Kamal Prakash Singh, the Applicant having IBBI Reg. No. IBBI/IPA-00 1/IP/P-0 1722/2019-2020/12653, was appointed as the Interim Resolution Professional (IRP). In the 1st CoC meeting held on 15 March 2022, a resolution was passed to replace Mr. Kamal Prakash Singh and appoint Mr. Sudipto Ghosh having IBBI Reg. No. IBBI/IPA001/IP-P00484/2017-18/10872 as the Resolution Professional and an
Constitution of CoC
6. The IRP made public announcement on 19 February 2022 in newspapers regarding initiation of Corporate Insolvency Resolution Process (CIRP) and called proof of claims from the financial and operational creditors, workers and employees of the corporate debtor in the specified forms. Form A was also published in the website of the IBBI.
7. The CoC was constituted with two Financial Creditors Apex Tradexim Private Limited having 97.78% voting share and Epson Electronics Private Limited having 2.22% voting share. A report of the constitution of the CoC, was filed before the Adjudicating Authority on 09 March 2022.
8. The Applicant states that a total of eight CoC meetings have been held during CIRP period, as follows:
