Dhankalash Opposes Piyush IT Resolution Plan

Case Name: In the matter of Dhankalash Distributors Pvt. Ltd. vs Piyush IT Solutions Pvt. Ltd.
Authority: National Company Law Tribunal (NCLT), New Delhi Bench (Court – II)
Case Number: IB-876/ND/2020
Interconnected Applications: IA-362/ND/2022, IA-593/ND/2022, IA-1371/ND/2023, IA-2462/ND/2021, IA-5637/ND/2021, IA-46/ND/2024
Legal Provision: Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 (CIRP)
Order Date: May 20, 2026
Presiding Members: Hon'ble Mr. Ashok Kumar Bhardwaj (Member-Judicial) and Hon'ble Mr. Atul Chaturvedi (Member-Technical)

Petitioner/Applicant: Dhankalash Distributors Pvt. Ltd.
Respondent/Corporate Debtor: Piyush IT Solutions Pvt. Ltd.
Representation for Petitioner: Multiple advocates including Adv. Abhishek Anand, Adv. Shivkrit Rai, Adv. Prithvi Sinha, Adv. Karan Kohli, Mrs. Tulika Mukherjee (AOR), Zain A. Khan, Mohd. Abran Khan.
Representation for Respondent: Adv. Utkarsh Joshi, Adv. Tinay Thakur, Adv. Kanishka Sharma.
Representation for Resolution Professional (RP): Adv. Bishwajit Dubey, Adv. Abhishek Swaroop, Adv. Aditya Singh, Adv. Manav Sharma, Mr. Abhay Kaushik, Ms. Himani Babbar, Mr. Sachin Jain, Ms. Jasmine Detwani.
Representation for SRA (Successful Resolution Applicant): Adv. Prithu Garg, Adv. Ashutosh Arvind Kumar, Adv. Aryan Bhat.
Representation for Income Tax Department: Adv. Sunil Agarwal (SSC), Adv. Monica Benjamin (JSC), Adv. Gibran Naushad (JSC), Adv. Rohit Chakraborty, Adv. Vivan Garg.
Hearing Mode: Virtual Court (VC) and Physical (Hybrid) Mode.

The primary issue is the opposition to the approval of a Resolution Plan for Piyush IT Solutions Pvt. Ltd. under the Corporate Insolvency Resolution Process (CIRP).
The applicant, Dhankalash Distributors Pvt. Ltd., identifies itself as the sole secured Financial Creditor who has dissented with the proposed Resolution Plan.
The core allegation by the dissenting financial creditor is that the valuation of the corporate debtor's assets "could not be opposed properly," implying a dispute over the valuation process or outcome.
The creditor claims that due to this valuation issue, it is not being offered its "due and justifiable share" in the resolution process.

The tribunal did not deliver a final ruling on the merits of the opposition or the approval of the Resolution Plan in this order.
The application for approval of the Resolution Plan (IA-593/ND/2022) was opposed and subsequently listed for a future hearing on May 29, 2026, at 12:00 pm.
All other interconnected applications (IA-362/ND/2022, IA-1371/ND/2023, IA-2462/ND/2021, IA-5637/ND/2021, IA-46/ND/2024) were also listed for hearing on the same date and time: May 29, 2026, at 12:00 pm.
The order is interim in nature, scheduling further proceedings.