Authority: National Company Law Tribunal (NCLT), Indore Bench, Court No. 1
Order Date: 14 July 2026
Case Overview
This matter concerns an Interim Application (IA/142(MP)2026) filed within a main Corporate Insolvency Resolution Process (CIRP) case (CP(IB)/26(MP)2024) pertaining to Pushp Ratna Realty Pvt Ltd. The applicant is Hasti Mal Kachhara, the Resolution Professional (RP) of the corporate debtor, Pushp Ratna Realty Pvt Ltd. The respondents are Ashok Kumar Jain & Anr. The proceedings are under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Section 18. The bench comprised Hon'ble Shri Brajendra Mani Tripathi, Member (Judicial), and Hon'ble Shri Man Mohan Gupta, Member (Technical).
A resolution plan for the corporate debtor was previously approved by this tribunal via an order dated 09 March 2026. The current application is at the implementation stage of this approved plan. The applicant's counsel, Ms. Khushboo Shah Rajani, appeared online and confirmed that an affidavit of service, filed on 25 May 2026, demonstrated compliance with the tribunal's earlier order dated 28 April 2026 regarding notice to the respondents. Service upon the respondents was deemed sufficient. The counsel for the applicant requested time to obtain instructions from the Successful Resolution Applicant (SRA).
Final Outcome
The tribunal allowed the applicant's request for time. It granted the respondents one final opportunity to file their replies to the application, mandating that an advance copy be provided to the applicant. The respondents were given 10 days from the order date (14 July 2026) to file this reply. Subsequently, the applicant is permitted to file a rejoinder to any reply received, within one week after receiving it. The matter has been adjourned and is listed for its next hearing on 05 August 2026 for further consideration.
Topics: Insolvency Proceedings, NCLT Order, Resolution Plan