Authority: National Company Law Tribunal, Mumbai Bench-I

Order Date: 13.07.2026

Case Overview

The National Company Law Tribunal (NCLT) Mumbai Bench-I heard an application filed by Mr. Mohammad Khalid, Resolution Professional of Peel Works Private Limited, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The application sought approval of a resolution plan submitted by United Eduplus Private Limited, which was approved by the Committee of Creditors (CoC) with 100% voting share in their 9th meeting held on 02.03.2026.

The Corporate Insolvency Resolution Process (CIRP) was initiated against Peel Works Private Limited (CIN: U74990MH2010PTC207510) on 26.06.2025 based on an application filed by operational creditor Stanco Solutions Private Limited under Section 9 of the Code. Mr. Sunil Kumar Agarwal was initially appointed as Interim Resolution Professional but was later replaced by Mr. Mohammad Khalid as Resolution Professional during the first CoC meeting on 26.07.2025.

The resolution process involved multiple CoC meetings where expressions of interest were invited, six resolution plans were received, and ultimately United Eduplus Private Limited emerged as the successful resolution applicant. The fair value of the corporate debtor was determined at ₹2.11 crore and liquidation value at ₹1.89 crore.

Final Outcome

The NCLT approved the resolution plan submitted by United Eduplus Private Limited, which provides for a total resolution amount of ₹5,07,58,970 (Five Crore Seven Lakh Fifty-Eight Thousand Nine Hundred Seventy Rupees). Key features of the approved plan include:

  • Payment of ₹2,79,06,828 to secured financial creditors (62.5% recovery)
  • Payment of ₹1,86,52,143 to unsecured financial creditors
  • Full payment of EPFO dues amounting to ₹1,94,808 and ESIC dues amounting to ₹3,07,070
  • Distribution of income tax refund of ₹75,58,970 to financial creditors
  • Upfront contribution of ₹3.60 crores by the resolution applicant
  • Constitution of a monitoring committee with representatives from secured creditors, unsecured creditors, resolution applicant, and the resolution professional as chairperson

The tribunal directed that the resolution plan shall be binding on all stakeholders including employees, creditors, and government authorities. The moratorium under Section 14 of the Code ceased to have effect from the date of the order. The resolution professional is required to supervise implementation and file quarterly status reports with the tribunal.

Topics: Corporate Insolvency, Debt Resolution, NCLT Approval