COURT III

C.P. No. (IB) 955/MB/C-III/2020

Under section 60(5) of the Insolvency and Bankruptcy Code, 2016

I. I.A. 1657/MB/2022

JHP Finvest Private Limited

Company incorporated under companies Act

Having its registered address at 201/B,

Dev Neo Vikram, Sahakar Nagar CHS,

New Link Road, Andheri (West),

Mumbai – 400053 …Applicant

Vs.

Mr. Jitendra Kumar Jain

(IBBI/IPA-001/IP-P00703/2017-2018/11/11301)

Resolution Professional of Smart Card IT

Solutions Limited,

Having address at Level 9, Platina, C-59,

G Block, BKC, Bandra (East), Mumbai-400051 …Respondent

II. I.A. 80/MB/2023 and I.A. 72/MB/2023 Finquest Financial Solutions Private Limited

Having its registered address at 201/B,

Dev Neo Vikram, Sahakar Nagar CHS,

New Link Road, Andheri (West),

Mumbai – 400053

…Applicant

Vs.

Mr. Jitendra Kumar Jain

(IBBI/IPA-001/IP-P00703/2017-2018/11/11301)

Resolution Professional of Smart Card IT

Solutions Limited,

Having address at Level 9, Platina, C-59,

G Block, BKC, Bandra (East), Mumbai-400051 …Respondent

C.P. No. (IB) 955/MB/C-III/2020 III. I.A. 2039/MB/2022 Mr. Jitendra Kumar Jain (IBBI/IPA-001/IP-P00703/2017-2018/11/11301)

Resolution Professional of Smart Card IT Solutions Limited, Having address at Level 9, Platina, C-59, G Block, BKC, Bandra (East), Mumbai-400051 … Applicant Vs.

1. JHP Finvest Private Limited Having its registered address at 201/B, Dev Neo Vikram, Sahakar Nagar CHS, New Link Road, Andheri (West), Mumbai – 400053 … Respondent 1

2. Finquest Financial Solutions Pvt Ltd Having its registered address at 201/B, Dev Neo Vikram, Sahakar Nagar CHS, New Link Road, Andheri (West), Mumbai – 400053 … Respondent 2

3. Dr. Ushma Deven Mehta R/o D3/D4 Amalfi, LD Ruparel Marg, Malabar Hill, Mumbai – 400006 … Respondent 3

4. Mr. Deven J. Mehta R/o D3/D4 Amalfi, LD Ruparel Marg, Malabar Hill, Mumbai – 400006 … Respondent 4

5. Mrs. Jyoti J. Mehta R/o D3/D4 Amalfi, LD Ruparel Marg, Malabar Hill, Mumbai – 400006 … Respondent 5

6. Mr. Mohit Deven Mehta R/o D3/D4 Amalfi, LD Ruparel Marg, Malabar Hill, Mumbai – 400006 … Respondent 6 C.P. No. (IB) 955/MB/C-III/2020

7. The Chairperson Insolvency and Bankruptcy Board of India

7^th Floor, Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi – 110001 … Respondent 7

8. The Governor Reserve Bank of India

18^th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai - 400001 … Respondent 8

9. The Chairperson Securities & Exchange Board of India SEBI Bhavan, BKC, Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051 … Respondent 9

10. The Secretary Ministry of Corporate Affairs Government of India, Shastri Bhavan, New Delhi – 110001 … Respondent 10

11. The Secretary Law and Judiciary Department, Government of Maharashtra, Mantralaya Mumbai, Maharashtra – 400032 … Respondent 11

12. The Secretary Department of Financial Services Ministry of Finance

3rd Floor, Jeevan Deep Building, Sansad Marg, New Delhi – 110001 … Respondent 12 IN THE MATTER OF JHP Finvest Private Limited … Financial Creditor Vs Smart Card IT Solutions Limited …Corporate Debtor C.P. No. (IB) 955/MB/C-III/2020 Order pronounced on: 05.04.2024 Coram:

Hon’ble Ms. Lakshmi Gurung, Member (Judicial)

Hon’ble Shri Charanjeet Singh Gulati, Member (Technical)

Appearances:

For the Resolution Professional : Adv. Mustafa Doctor, Adv.

Bhalechandra Palau, Spanta Kapadia & Adv. Aniket Dighe i/b. Bhat & Co.

For JHP Finvest Private Limited : Mr. Gaurav Joshi, Adv. Rahul Sarda a/w Adv. Guru Shanmugan i/b M & M Legal Ventures For Finquest Financial : Adv. Ashish Kamat, Adv.

Solutions Pvt Ltd Ibrahim Shaikh & Adv. Supriya Majumdar i/b Vaish Associates For Respondents No. 3 to 6 in : Adv. Shyam Kapadia, Adv.

I. A. 2039/2022 Rohan Agarwal, Chirag Sarawagi, Adv. Yash Dhakad, Adv. Tushar Goradia Per: Ms. Lakshmi Gurung, Member (Judicial)

ORDER

1. All above IA are connected and interlinked. Hence, with the consent of the parties, all IA were taken up for hearing and are being disposed of by common order.

C.P. No. (IB) 955/MB/C-III/2020

2. I.A. 1657/2022 This application has been filed b