Authority: National Company Law Tribunal, New Delhi Bench, Court-III
Order Date: 09 July 2026
Case Overview
This application (IA-3097/2025) was filed by Mr. Anil Kumar Mittal, the Resolution Professional (RP) for Bhupesh Steel Private Limited, under Section 12(2) of the Insolvency and Bankruptcy Code (IBC), 2016 read with Regulation 40 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The RP sought an extension of the Corporate Insolvency Resolution Process (CIRP) by 30 days beyond its scheduled end date of 13 June 2025.
The CIRP was initiated on 22 December 2023. The process involved multiple publications of Form-G to invite Expressions of Interest (EOIs), resulting in several rounds of submissions from Prospective Resolution Applicants (PRAs). The Committee of Creditors (CoC) had previously sought and obtained extensions to the CIRP timeline. A significant development was the assignment of the financial debt from Prudent ARC Limited to Rare Asset Reconstruction Limited on 06 March 2025 for an amount of ₹22,78,80,984, leading to a reconstitution of the CoC.
After a lengthy process involving the evaluation of plans, a challenge/negotiation process, and e-voting, the CoC, with a 100% vote, approved the resolution plan submitted by Mr. Atul Agnihotri (a suspended director of the corporate debtor) on 30 May 2025. A Letter of Intent was issued to him on 02 June 2025. The successful resolution applicant was granted an extension until 18 June 2025 to submit the performance security deposit and provide unconditional acceptance of the Letter of Intent. As this activity was pending and the CIRP period was ending, the CoC unanimously resolved to authorize the RP to file for this 30-day extension.
Final Outcome
The NCLT bench, comprising Member (Judicial) Shri Bachu Venkat Balaram Das and Member (Technical) Ms. Reena Sinha Puri, allowed the application. The CIRP period was officially extended by 30 days, effective from 14 June 2025.
Topics: Insolvency Proceeding, CIRP Extension, NCLT Order