Case Details

Case Name: Samir Uttamrao Kale vs. Vandana Garg

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

Case Number: Company Appeal (AT) (Insolvency) No. 946 of 2026 & I.A. No.3763 of 2026

Order Date: 22.05.2026

Period of Dispute: Delay in implementation of resolution plan approved on 10.12.2024

Parties Involved

Appellant: Samir Uttamrao Kale (Successful Resolution Applicant and suspended director of the company)

Respondent: Vandana Garg (Member of Monitoring Committee)

Other Parties: CFM ARC (Sole Committee of Creditors member), IRP (Interim Resolution Professional)

Legal Representation:

  • For Appellant: Mr. Rohan Agrawal, Mr. Namanjeet Bhatia, Advocates
  • For Respondent: Mr. Shashwat Anand, Mr. Rishabh Kumar, Advocates for CFM ARC
  • For IRP: Mr. Rajeev Kumar Pandey, Advocate

Issues / Allegations / Violations

The appeal challenged the order passed by the Adjudicating Authority (NCLT) dated 27.03.2026 which rejected I.A. No.1209 of 2026 filed by the Monitoring Committee. The application sought condonation of delay in implementation of the Resolution Plan that was approved by NCLT on 10.12.2024. The Adjudicating Authority had rejected the application based on its observation that only the CoC member had filed an application for Liquidation of the Corporate Debtor, indicating that the CoC did not support extension of the implementation period.

Findings & Observations

The NCLAT found that the Adjudicating Authority's observations were not in accordance with the minutes of the Monitoring Committee. The Tribunal referred to the deliberations in the 5th meeting of the reconstituted Monitoring Committee held on 19.01.2026 and subsequent email approval from CFM ARC dated 07.03.2026. The minutes clearly showed that the Financial Creditor (CFM-ARC) had approved resolutions for condonation of delay in implementation of the resolution plan, subject to implementation within revised timeline and payment of interest @ 8% p.a. for the delay period.

The Tribunal noted that CFM ARC, the sole CoC member, supported the condonation of delay and had also filed an appeal against the NCLT order. All parties supported the prayer for extension as being in the interest of all stakeholders.

Penalties / Settlements / Directions

The NCLAT set aside the order passed in I.A. No.1209 of 2026 and allowed the application granting extension of 30 days' period from the order date (22.05.2026) for implementation of the plan. The implementation includes payment of interest @ 8% p.a. for the delayed period payable from 10.12.2024 till final repayment within the new timeline to the financial creditor.

Corrective Actions & Future Obligations

The Successful Resolution Applicant must implement the plan within the revised 30-day timeline. Ms. Vandana Garg, Member of the Monitoring Committee, was authorized to file periodic progress reports with effect from 15.01.2025 onward before the Hon'ble NCLT, Mumbai to appraise progress of resolution implementation.

Final Ruling & Enforcement

The NCLAT disposed of the appeal by setting aside the NCLT order and granting the 30-day extension for plan implementation as prayed by the Appellant. The order was passed by Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member Technical).