Case Details

Case Name: Col. Sanjeev Dalal (Retd.) vs. M/s. International Recreation and Amusement Ltd

Court/Authority: National Company Law Tribunal, New Delhi Bench (Court - II)

Case Numbers: IB-297(PB)/2018 with multiple connected applications including IA-2234/ND/2026, IA-2242/ND/2026, and numerous other IAs and CAs

Under Section: 7 of Insolvency and Bankruptcy Code, 2016 (CIRP)

Order Date: 20 May 2026

Parties Involved

Petitioner/Applicant: Col. Sanjeev Dalal (Retd.)

Respondent: M/s. International Recreation and Amusement Ltd

Resolution Professional: Pramod Kumar Sharma

Proposed Replacement RP: Mr. Avineesh Matta

Legal Representatives:

  • For Applicant: Sr. Adv. Ajit Kumar Sinha, Adv. Sabhay Choudhary, Adv. A. Gulati, Adv. Manish Raghav, Adv. Smriti Dubey, Adv Piyush Sanghi, Adv Sharmishta Solanki
  • For RP: Sr. Adv. P. Nagesh, Adv. Abhishek Anand, Adv. Karan Kohli, Adv. Vanshika Dhootj
  • For ED: Mr. Simon Benjamin SPP, ED, Mr. Manish Jain (SPP, ED), Adv. Jeevika Chyani, Adv. Gulnaz Khan
  • Various other advocates for different applications including Adv. Deepak Khurana, Adv. Tejasu Anand, Adv. Shreyansh Khare, Adv. Mansumyer Singh, Adv. Abhinav Srivastava, Mr. Kartikeya Singh, Mr. Chaitanyashil Priyadarshi, Ms. Priya, Mr. Neil Chatterjee, I.P.S. Oberai, Sr. Adv. Saurav Kripal, Adv. Nilotpal Shyam, Adv. Shivali, Adv. Tejas Mishra, Mr. Keshri Kumar

Tribunal Members:

  • Sh. Ashok Kumar Bhardwaj (Hon'ble Member - Judicial)
  • Sh. Atul Chaturvedi (Hon'ble Member - Technical)

Issues / Allegations / Violations

The matter involves a corporate insolvency resolution process under Section 7 of the Insolvency and Bankruptcy Code, 2016. The specific issue in IA-2234/ND/2026 relates to a resolution passed by the Committee of Creditors (CoC) in their 3rd meeting held on 17 December 2018 to replace the current Resolution Professional Pramod Kumar Sharma with Mr. Avineesh Matta. However, this resolution was never implemented.

Findings & Observations

The Tribunal noted that the learned counsel for the applicant drew attention to the pre-voting results of the 3rd CoC meeting held on 17 December 2018, which showed the CoC had passed a resolution for replacement of the current RP. However, the learned senior counsel appearing for the RP submitted that there have been subsequent developments in the matter, making the minutes of the meeting dated 17 December 2018 otiose (no longer relevant).

Directions

The Tribunal directed the Resolution Professional to file an affidavit bringing on record his stand regarding the aforementioned minutes as well as other factual positions. In the affidavit, the RP can also take the plea of maintainability. The advance copy of the affidavit must be given to the learned counsel for the applicant.

The matter has been listed for further hearing on 22 May 2026. The Tribunal also noted that if the RP is not able to upload the soft copy of the affidavit on DMS, he will be entitled to bring a hard copy.

All other interlocutory applications (IAs) mentioned in the case have been adjourned and listed for hearing on 22 May 2026 at 12:00 pm.

Current Status

The case remains pending with multiple interlocutory applications. The main insolvency proceeding under Section 7 of IBC, 2016 continues with the corporate insolvency resolution process ongoing. The Tribunal has not made any final determinations on the RP replacement issue and has sought additional affidavit evidence from the current RP before proceeding further.