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 two Interlocutory Applications (IAs) in the ongoing corporate insolvency resolution process (CIRP) of Wind World (India) Ltd, initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The financial creditor in the matter is IDBI Ltd. The bench comprised Mr. Shammi Khan, Member (Judicial) and Mr. Sanjeev Sharma, Member (Technical).
IA(Plan)/10(AHM)2026 was the second application filed by the Resolution Professional (RP) for approval of a resolution plan, following a previous order dated 11.05.2026. During the hearing, the salient features of the resolution plan with an addendum were presented. However, an operational creditor, Enercon GmbH, sought an indulgence of two days to file an appropriate application in this matter. The tribunal allowed this request and granted liberty to the Successful Resolution Applicant (SRA) to file a response. The matter was adjourned and listed for the next hearing on 18.06.2026.
IA/869(AHM)2026 was filed by the Resolution Professional of Wind World (India) Ltd under Section 60(5) of the IBC read with Rule 11 of the NCLT Rules, 2016. The application sought to report a change in the constitution of the Committee of Creditors (CoC) pursuant to a Security Receipts Transfer Agreement dated 15.05.2026, in compliance with Regulation 28(2) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application detailed that certain financial debts of the Corporate Debtor were initially assigned by original lenders to National Asset Reconstruction Company Limited (NARCL) and subsequently to Omkara Asset Reconstruction Private Limited, acting as Trustee of Omkara PS 05/2025-26 Trust. The recent agreement resulted in India SME Asset Reconstruction Company Limited (ISARC) being substituted in place of Omkara ARC as the trustee of the said trust. Consequently, Omkara ARC ceased to be a member of the CoC effective 15.05.2026, and the CoC was reconstituted with ISARC.
The tribunal heard the applicant's counsel and perused the submitted documents, including the intimation from ISARC and the transfer agreement. It found the documentation supported the reported change in the CoC's composition.
Final Outcome
For IA(Plan)/10(AHM)2026, the tribunal deferred the approval of the resolution plan and listed the matter for a further hearing on 18.06.2026.
For IA/869(AHM)2026, the tribunal allowed the application. The report regarding the change in the constitution of the Committee of Creditors was taken on record. The registry was directed to place this report with the main company petition record. The application was disposed of as allowed.
The practical consequence is that India SME Asset Reconstruction Company Limited is now formally recognized as a member of the CoC in place of Omkara Asset Reconstruction Private Limited for the insolvency resolution process of Wind World (India) Ltd.
Topics: Insolvency Proceeding, Committee of Creditors, Asset Reconstruction