Beacon Trusteeship Ltd. vs Jayesh Sanghrajka - 2024 Supreme(Online)(NCLAT) 1208

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2024 Supreme(Online)(NCLAT) 1208

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Beacon Trusteeship Ltd. – Appellant
Versus
Jayesh Sanghrajka – Respondent

Advocates:
For the Appellants/Petitioners:Mr. Abhijeet Sinha Sr. Advocate, Ms. Sneha Jai Singh, Ms. Vaishnavi Rao, Mr. Divyam Sharma, Mr. Manan Shah, Mr. Akash Chatterjee
For the Respondents: Mr. Trishmpati Sen, Ms. Riddhi Sancheti, Mr. Ashish Parwani, Mr. Dikshat Mehra, Mr. Chintan Gandhi, Mr. Anurag Anand, Mr. Mukul Kulhari, Mr. R. Sudhinder, Mr. Ranjit Shetty, Mr. Sandeep Singhi, Mr. Luckyraj Indorkar, Ms. Aastha Trivedi, Mr. Arjun Amin, Ms. Ekta Bhasin, Mr. Rahul Kriplani, Ms. Suhasini Sen, Mr. Aditya Pratap Singh Chauhan, Mr. Kinnar Shah, Ms. Nitya Shah, Ms. Supraja V., Ms. Surbhi, Mr. Dhruv Mehta, Mr. Denzil Arambhan, Mr. Pranaya Goyal, Mr. Dharav Shah, Ms. Amisha Patel, Mr. Dhawal Desai, Mr. Shubham Saini.

Table of Content
1. procedural background of appeals. (Para 4 , 5 , 6)
2. appellants’ objections to the resolution plan. (Para 12 , 13 , 14 , 15)
3. court's comments on valuation reports. (Para 36 , 37 , 38 , 39)
4. distinction between classes of creditors. (Para 42 , 43 , 44 , 45)
5. conclusion of the court. (Para 60 , 61)

JUDGMENT

ASHOK BHUSHAN, J.

These appeals viz. Comp. App. (AT) (Ins.) No. 1494-1495 of 2022 & Comp. App. (AT) (Ins.) No. 99 of 2023 by two dissenting Financial Creditors have been filed challenging the order dated 02.12.2022, by which I.A. 503/2022 and I.A. 931/2022 in C.P. (IB) No. 1390/2020 filed by Beacon Trusteeship Ltd. objecting to the Resolution Plan and I.A. 808/2022 in C.P. (IB) No. 1390/2020 filed by ICICI Prudential Venture Capital Fund Real Estate Scheme I, have been rejected.

2. Other two appeals viz. Comp. App. (AT) (Ins.) Nos. 107 & 108 of 2023 have been filed challenging the order dated 09.01.2023, by which order I.A. 573/2022 in C.P. (IB) No. 1390/2020 filed by Resolution Professional (RP) for approval of the Resolution Plan submitted by Successful Resolution Applicant (SRA) has been allowed.

3. Both the Appellants before us are dissenting Financial Credit

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2024 Supreme(Online)(NCLAT) 1208

NATIONAL COMPANY LAW APPELLATE TRIBUNALASHOK BHUSHAN, JBeacon Trusteeship Ltd. – AppellantVersusJayesh Sanghrajka – Respondent

Cases Referred (2)

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Beacon Trusteeship Ltd. – Appellant
Versus
Jayesh Sanghrajka – Respondent