Authority: National Company Law Tribunal Chandigarh Bench (Court – I)

Order Date: 09.06.2026

Case Overview

This order pertains to multiple Interlocutory Applications (IAs) within the main insolvency proceeding CP(IB) No. 248/Chd/Chd/2019 involving Kone Elevator India Pvt Ltd. (Petitioner) and Chandigarh Overseas Pvt. Ltd. (Corporate Debtor/Respondent).

The primary application heard was IA No. 720/2026, filed by Kone Elevator India Pvt Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant sought two key directions from the tribunal: 1) to set aside a decision of the Committee of Creditors (COC) taken in its meeting on 03.03.2026, which had rejected the applicant's request made under Section 21(9) of the IBC, and 2) to direct the Resolution Professional (RP) to provide the claim forms and all supporting documents of the creditors to the applicant. The RP, represented by Mr. Atul V. Sood, argued that the application had no merit and was not maintainable. After hearing initial arguments, the tribunal directed both parties to file a short note on the maintainability and merits of the application, along with supporting judgments, within three days.

A separate application, IA(IBC)(PLAN)/6(CH) 2024, for the approval of a resolution plan was also heard. The RP explained the plan as approved by the COC. The tribunal identified several issues requiring clarification and directed the RP to furnish specific details within two days. These details include: a table showing payment timelines under the plan; timelines for handing over possession of units to homebuyers and industrial/commercial allottees and for the execution of sale deeds; a complete list of homebuyers and commercial/industrial plot allottees showing the booking amount, amount paid, and amount outstanding; an explanation for a discrepancy where the plan amount is capped at ₹234 crore but the payout is stated as ₹223 crore, leaving ₹11 crore unaccounted for; an explanation for why the constructed area for industrial plots is proposed to be only 50% of the original; and an explanation concerning a plan stipulation that refunds to industrial plot holders/homebuyers shall be given only after the balance amount has been paid first. The RP also pointed out an error in the Amended Form H, where the realizable amount for employees was wrongly stated as 100% instead of 10%.

Other applications bearing IA(I.B.C) Nos.700/2024, 701/2024, 1068/2024, and 253/2025 were simply adjourned and listed for hearing on 27.07.2026.

Final Outcome

The tribunal reserved its order on the maintainability and merits of IA No. 720/2026 (the document access application). The order for the approval of the resolution plan (IA(IBC)(PLAN)/6(CH) 2024) was also reserved pending the submission of the requested clarifications and details from the RP within two days. The other listed applications were adjourned to 27.07.2026.

Topics: Insolvency Proceeding, Resolution Plan, Committee of Creditors