Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 08/06/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard three interlocutory applications (IA/838(AHM)2026, IA/839(AHM)2026, and IA/840(AHM)2026) arising from CP (IB) No. 142 of 2024 concerning Classic Corrugations Private Limited. The applications were filed by the erstwhile Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The matter involved proceedings under Section 9 of the IBC between M/s Arham Enterprise (Applicant) and Classic Corrugations Private Limited (Respondent).
The applications sought substitution of State Bank of India in place of the current applicant and consequential amendments in the memo of parties and cause title of the respective applications. This request was made pursuant to the approval of the Resolution Plan, which requires the subject matter of the applications to be pursued by the sole secured creditor and Committee of Creditors (CoC) member, State Bank of India.
Final Outcome
The NCLT bench comprising Mr. Shammi Khan (Member Judicial) and Mr. Sanjeev Sharma (Member Technical) allowed all three applications. The tribunal found no reason to issue notice to the respondents as the substitution was consequential to the approved Resolution Plan and would cause no prejudice to any parties. The court directed that necessary substitution and consequential amendments be carried out within one week, with amended applications/memo of parties to be furnished to opposite parties. The opposite parties were granted liberty to file their response within seven days thereafter.
Topics: Insolvency Proceedings, Creditor Substitution, NCLT Order