Authority: National Company Law Tribunal, Jaipur Bench

Order Date: June 16, 2026

Case Overview

The National Company Law Tribunal (NCLT) Jaipur Bench heard two interlocutory applications (IA No. 281/JPR/2026 and IA No. 282/JPR/2026) in the matter of CP(IB)-45/7/JPR/2023, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor is M/s Shantanu Investments Pvt. Ltd., and the Corporate Debtor is M/s Aksh Optifibre Limited. The bench comprised Hon'ble Ms. Reeta Kohli (Judicial Member) and Hon'ble Ms. Kavita Bhatnagar (Technical Member).

In IA No. 281/JPR/2026, the Corporate Debtor sought to: 1) take subsequent events on record using Rule 11 of the NCLT Rules, 2016; 2) defer further orders in the main petition until 03.07.2026 to await the outcome of mediation proceedings before the Delhi High Court. The Corporate Debtor argued that mediation sessions were ongoing with substantial progress and broad settlement terms agreed. To demonstrate bona fides, they offered to deposit the entire debt amount of Rs. 1.55 crore, with a demand draft of Rs. 50 lakhs ready in the name of MCA. They relied on a 2026 NCLAT judgment (SCC Online NCLAT 584) that permits considering subsequent events in Section 7 proceedings.

The Financial Creditor opposed the application, arguing it was not maintainable after conflicting bench orders (dated 21.01.2026) and a third member's majority opinion (dated 09.06.2026). They disputed the claim of imminent settlement, though acknowledged mediation was occurring.

The Tribunal noted that mediation proceedings had been ongoing since 12.01.2026, before the conflicting order (21.01.2026) and third member's opinion (09.06.2026). The Corporate Debtor had opportunities to present these facts earlier but failed to do so. The Tribunal found it unfair to grant indulgence after a majority opinion against the applicant and dismissed IA No. 281.

In IA No. 282/JPR/2026, the Corporate Debtor sought to appoint an independent Interim Resolution Professional (IRP) based in Rajasthan/Jaipur, replacing Mr. Praveen Kumar Singhal (appointed in the 21.01.2026 order). They argued potential bias as Mr. Singhal is empanelled with SBI's list of RPs and is based in Delhi, whereas the Corporate Debtor's operations are in Rajasthan. The Financial Creditor initially consented to change but later retracted, having no instructions.

The Tribunal found no legally sustainable reason to change the IRP, noting Section 7(3) of IBC allows the Financial Creditor to propose an IRP. The application was dismissed.

Final Outcome

Both applications were dismissed. The Corporate Insolvency Resolution Process (CIRP) against Aksh Optifibre Limited stands admitted based on the majority opinion of the third member dated 09.06.2026. Mr. Praveen Kumar Singhal remains the appointed IRP. The Tribunal did not defer proceedings for mediation, and the offer to deposit Rs. 1.55 crore was not accepted as part of the order.

Topics: Corporate Insolvency, NCLT Proceedings, IRP Appointment