Case Details
Case Name: Kotak Mahindra Bank Ltd. vs Morani Motors Pvt. Ltd.
Court/Authority: National Company Law Tribunal, Jaipur Bench
Case Number: Cont. A. (IBC) No. 9/425/JPR/2025
IA Number: IA No. 192/JPR/2026
CP Number: CP No. (IB)-35/7/JPR/2024
Legal Provision: Section 7 of Insolvency and Bankruptcy Code, 2016
Date of Hearing: May 25, 2026
Judicial Member: Hon'ble Ms. Reeta Kohli
Technical Member: Hon'ble Ms. Kavita Bhatnagar
Parties Involved
Financial Creditor/Applicant: Kotak Mahindra Bank Ltd.
Corporate Debtor/Respondent: Morani Motors Pvt. Ltd.
Representation for RP: Amol Vyas, Adv. and Satyendra Prasad Khorania (in person)
Representation for Respondent: Karan Pratap Singh, Adv.; Nishant Saraf, Adv.; Sonal Anand, Adv.; Surbhi Singh, Adv.
Issues / Allegations / Violations
The matter involves an application (IA No. 192/JPR/2026) seeking exclusion of time from the Corporate Insolvency Resolution Process (CIRP) period. The application specifically requests exclusion from 22.09.2025 to 27.04.2026, totaling 220 days. The basis for this exclusion request is that vacant possession of premises was to be handed over on 27.04.2026, in terms of an order dated 20.04.2026.
Findings & Observations
The Tribunal noted that an application under Section 19(2) was disposed of vide order dated 22.09.2025. The counsel for the applicant has been fair in stating that they have already received five resolution plans and the Committee of Creditors (COC) is negotiating with the Prospective Resolution Applicants (PRAs). The Swiss Challenge Mechanism has been adopted for the resolution process, and the applicant is in the process of finalizing the same.
Penalties / Settlements / Directions
The Tribunal directed that the matter be posted to 17.06.2026 for further considerations. Additionally, in a separate matter (Cont. A. (IBC) No. 9/425/JPR/2025), Ms. Akshita Morani was directed to remain present in person on 26.05.2026 at 10:30 A.M.
Corrective Actions & Future Obligations
The Resolution Professional is actively engaged in the resolution process with five received plans and ongoing negotiations using the Swiss Challenge Mechanism. The applicant must continue negotiations and work toward finalizing a resolution plan before the CIRP period expiration.
Final Ruling & Enforcement
The Tribunal has not issued a final ruling on the exclusion application. The matter has been adjourned to 17.06.2026 for further consideration. The CIRP period of 330 days is set to expire on 28.06.2026, creating significant timeline pressure for plan approval.