Authority: National Company Law Tribunal, Ahmedabad Bench (Court 2)

Order Date: 16 June 2026

Case Overview

This proceeding arises from an interlocutory application (IA/1381(AHM)2025) filed in the main insolvency case C.P. (IB)/198(AHM)2023, which was originally initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Hiralal Bhimjibhai Kumavat, Proprietor of B N Enterprises (Operational Creditor), against Vasundhara Seamless Stainless Tubes Private Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was admitted on 22 August 2024 and has been ongoing. The current application was filed by the Resolution Professional (RP), Mr. Sachin Sinha, seeking the exclusion of 414 days from the CIRP timeline. During the hearing, the RP appeared in person and submitted that he wishes to withdraw this application for exclusion. He stated that the withdrawal is supported by the Committee of Creditors (COC), but no supporting affidavit from the COC was found on record. The Financial Creditors/COC members, who were specifically directed to be present at this hearing, were not in attendance.

The tribunal, comprising Member (Judicial) Mrs. Chitra Hankare and Member (Technical) Dr. Velamur G Venkata Chalapathy, noted the absence of requisite documentation and parties. The RP was directed to collect notices from the Registry and serve them upon all members of the COC, including the original Operational Creditor applicant. Furthermore, the RP was instructed to file all the progress reports he had submitted to the Insolvency and Bankruptcy Board of India (IBBI) during the CIRP, as per IBBI regulations and instructions, with the tribunal for its review. The tribunal indicated that if the members of the COC, the Operational Creditor, and the applicant are not present on the next date of hearing, necessary orders will be passed. A copy of the order was directed to be forwarded to the IBBI for their information and record.

Final Outcome

The hearing was adjourned. The application for the withdrawal of the 414-day exclusion request was not granted at this stage and is set for further consideration on 13 July 2026. The continuation of the CIRP remains subject to the tribunal's future orders based on compliance with its directives and the appearance of relevant parties.

Topics: Insolvency Proceeding, NCLT Order, CIRP Timeline