Authority: National Company Law Tribunal, New Delhi Court-IV

Order Date: 08 June 2026

Case Overview

The National Company Law Tribunal (NCLT) New Delhi addressed multiple interlocutory applications in the ongoing insolvency proceedings of Shree Vardhman Buildprop Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The main application IB/445/ND/2023 was filed by IDBI Trusteeship Services Limited as the financial creditor. The bench comprised Hon'ble Member (Judicial) Shri Mahendra Khandelwal and Hon'ble Member (Technical) Shri Atul Chaturvedi.

Four specific applications were heard:

1. IA (Plan)/26/ND/2025: Simply adjourned to 10 July 2026 without further details.

2. IA/3699/ND/2024: The applicant's counsel confirmed filing additional written submissions per the order dated 21 May 2026, which were available on the e-portal. The respondent's written submissions were already on record. The tribunal reserved its order on this application.

3. IA/801/ND/2026: The applicant's counsel stated they had filed an amended memo of parties but had not filed an application seeking liberty to amend. They requested an adjournment to file the appropriate application, and the matter was listed for 10 July 2026.

4. IA/1799/ND/2026: This is the most substantive application, filed by the Suspended Board of Directors under Section 60(5) of the IBC, 2016 read with Rule 11 of the NCLT Rules, 2016, raising objections to the Resolution Plan submitted for the corporate debtor. The tribunal heard arguments from the applicant's counsel and issued formal notice to all respondents for appearance and filing replies. Counsel for Respondent No. 1 (likely the Resolution Professional) and Respondents No. 2 & 3 were present, accepted notice, and sought time to file responses. Notice was ordered to be served to Respondent No. 4 by all modes, with proof of service to be filed. The matter was adjourned to 10 July 2026.

Final Outcome

The tribunal adjourned all four applications to 10 July 2026. For IA/3699/ND/2024, the order was reserved after confirming receipt of written submissions from both parties. For IA/1799/ND/2026 (the resolution plan objection), the tribunal initiated the response process by issuing notices to all respondents and granting them time to file their replies.

Topics: Corporate Insolvency, Resolution Plan Challenge, NCLT Proceedings