Authority: National Company Law Tribunal, New Delhi Bench Court-VI

Order Date: 10.07.2026

Case Overview

The National Company Law Tribunal (NCLT) heard an application filed by Mr. Mukesh Kumar Jain, Resolution Professional (RP) of Delhi Mobile Mate Private Limited (Corporate Debtor), seeking approval of a resolution plan under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Delhi Mobile Mate Private Limited on 10.09.2024, with Mrs. Dikshita Sharma initially appointed as Interim Resolution Professional (IRP). The company was engaged in trading mobile phone batteries in the domestic market.

Only one Expression of Interest was received from M/s Neoasian Enterprises, which became the sole Prospective Resolution Applicant. After multiple extensions of the CIRP period (totaling 150 days beyond the initial 180 days), Neoasian Enterprises submitted a revised resolution plan dated 13.06.2025, which was approved by the Committee of Creditors (CoC) with 100% voting share in its 8th meeting held on 18.07.2025. Indian Bank was the sole financial creditor with 100% voting share.

The resolution plan provided for total payment of ₹25.50 lakh against total admitted claims of ₹49,55,23,365. The fair value and liquidation value of the corporate debtor were both determined to be zero. The plan included specific provisions for payments to different classes of creditors and sought certain waivers and concessions.

Final Outcome

The NCLT approved the resolution plan submitted by Neoasian Enterprises along with its addendum dated 29.11.2025. The plan provides for:

  • Payment of ₹10,50,000 to assenting financial creditors (Indian Bank) representing 1.90% recovery on their admitted claim of ₹55,045,410
  • Payment of ₹1,00,000 to government operational creditors representing 0.03% recovery on admitted claims of ₹278,664,971
  • Payment of ₹40,000 to other operational creditors representing 0.02% recovery on admitted claims of ₹161,812,984
  • Capital infusion of ₹10 lakh by the resolution applicant through equity within 30 days
  • Constitution of a monitoring committee comprising one representative each from the resolution applicant, financial creditor, and the resolution professional
  • The moratorium under Section 14 of the IBC ceased from the date of the order

The tribunal clarified that no reliefs, concessions or dispensations that fall within the domain of other government departments/authorities are granted, and the successful resolution applicant must seek these from competent authorities. The monitoring committee is required to submit quarterly reports to the NCLT regarding implementation status as per amended Regulation 38(4) of CIRP Regulations.

  • Topics: Insolvency Resolution, NCLT Approval, Creditor Recovery