Case Details

Case Name: Shashank Dinesh Posture, Resolution Professional of New Bombay Paper Mills Pvt. Ltd. vs Committee of Creditors of New Bombay Paper Mills Pvt. Ltd.

Court/Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi

Case Number: Comp. App. (AT) (Ins) No. 978 of 2026

Order Date: 27 May 2026

Period of Dispute: Corporate Insolvency Resolution Process extension beyond 330 days from 27 February 2026

Parties Involved

Appellant: Shashank Dinesh Posture, Resolution Professional of New Bombay Paper Mills Pvt. Ltd.

Respondent: Committee of Creditors of New Bombay Paper Mills Pvt. Ltd. (represented by State Bank of India and Yes Bank)

Legal Representation:

  • For Appellant: Mr. Gaurav Mitra, Mr. Aishwarya Modi, Mr. Ishan Roy Chowdhury and Ms. Muskan Khatana, Advocates
  • For Respondents: Mr. Anupam Singh, Advocate for CoC (SBI and Yes Bank)

Issues / Allegations / Violations

The appeal was filed against the order dated 06/05/2026 in I.A. 1854/MB/2026 and I.A. 1022/2026 where the Adjudicating Authority rejected the Resolution Professional's Application for extension of Corporate Insolvency Resolution Process period for 90 days beyond 330 days from 27/02/2026 to 28/05/2026.

Findings & Observations

The Appellate Tribunal noted that three Resolution Plans had been received pursuant to Fresh Form G issuance and were being voted upon, with voting having commenced on 12/05/2026. However, the impugned order being uploaded on 19/05/2026 caused the voting process to be abandoned. The Committee of Creditors supported the extension request, stating that a short extension ought to have been granted to complete the process since the Corporate Debtor was likely to be resolved.

Final Ruling & Enforcement

The NCLAT allowed the appeal and extended the period of CIRP until 30/06/2026. During this extended period, the voting must be completed. The Tribunal further directed that appropriate Application be filed before the Adjudicating Authority if any Resolution Plan is approved. The Appeal was disposed of accordingly.

Tribunal Members:

  • [Justice Ashok Bhushan] Chairperson
  • [Barun Mitra] Member (Technical)