Insolvency and Bankruptcy Code 2016: Case study of Jyoti Structures Limited

Analysis of Case Study decided by NCLAT on 19th March, 2019 By IP CA Prashant Agrawal 98283 55000, ippagrawal@gmail.com
CoC has vested power and it is always open to the members to change its opinion subsequently with the approval of the rest of the members of the ‘Committee of Creditors’ but it should be within 270 days. The ‘Corporate Insolvency Resolution Process’ was initiated against ‘Jyoti Structures Ltd.’- (‘Corporate Debtor’) on 12th July, 2017.
The Appellant- ‘Mr. Sharad Sanghi’ filed ‘Resolution Plan’ along with others. After negotiation with the ‘Committee of Creditors’, the ‘Resolution Plan’ was improved by the Appellant. E-voting of the ‘Committee of Creditors’ was held between 26th March, 2018 and 27th March, 2018 and On 27th March, 2018:
‘IDBI Trusteeship Services’ having 0.42% voting shares
Ms. Hema Shah having 0.04% voting shares,
earlier both voted against, changed their opinion and conveyed favorable vote on the same date i.e. on 27th March, 2018.

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