Authority: National Company Law Tribunal (NCLT), Ahmedabad Bench - Court 2
Order Date: 10/06/2026
Case Overview
This order pertains to multiple Interlocutory Applications (IAs) filed within a main insolvency petition (CP(IB)/70(AHM)2021) initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Fco Green Products Pvt Ltd (Operational Creditor/Applicant) against Gajanand Corporation Pvt Ltd (Corporate Debtor/Respondent). The specific applications being heard were IA/841(AHM)2022, IA/858(AHM)2022, IA/501(AHM)2026, and IA/502(AHM)2026. The proceedings involve a Successful Resolution Applicant (SRA) who had filed an application for substitution in March 2026. The matter also involves applications related to preferential, undervalued, and extortionate credit transactions (PUFE) that were originally filed by the former Resolution Professional (Ex RP).
Final Outcome
The Tribunal adjourned all matters for further consideration on July 13, 2026. Specifically for the substitution application (IA/501(AHM)2026 and IA/502(AHM)2026), the counsel for the SRA was directed to file an affidavit within seven days. This affidavit must cite the relevant provisions of the IBC and supporting judicial precedents to establish whether the SRA can legally be substituted to proceed with and realize the PUFE applications filed by the former Resolution Professional.
Topics: Corporate Insolvency, NCLT Proceedings