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

Order Date: 13 July 2026

Case Overview

This order addresses several Interlocutory Applications (IAs) filed in the corporate insolvency resolution process (CIRP) of Gupta Builders and Promoters Private Limited, initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The proceedings involve the petitioner, M/s Area Importers and Exporters Pvt. Ltd., and the corporate debtor, Gupta Builders and Promoters Private Limited. The bench comprised Hon'ble Member (Technical) Shri. Shishir Agarwal and Hon'ble Member (Judicial) Shri. K. Biswal.

The key applications and their outcomes are as follows:

  • IA(I.B.C)/960 (CH)2026: Filed under Section 60(5) of the IBC to place on record an addendum dated 05.06.2026 to the resolution plan. The application was allowed, and the addendum was made a part of the resolution plan. The applicant's counsel was directed to upload the addendum in the DMS Portal for IA No.2155/2023.
  • IA(I.B.C)/1901 (CH)2025: Filed under Rule 11 of the NCLT Rules, 2016 to place certain documents on record. The application was allowed.
  • IA (IBC)/2878(CH)2023: Filed under Section 60(5) of the IBC objecting to the resolution plan. The applicant's counsel stated that this application had been rendered infructuous due to the submission of the aforementioned addendum. The application was disposed of as infructuous.
  • IA(I.B.C)/820 (CH)2026: Filed under Rule 11 of the NCLT Rules to place on record an order dated 13.02.2026 from the National Company Law Appellate Tribunal (NCLAT) in Company Appeal (AT)(Insolvency) No.102 of 2026. The application was allowed. Crucially, the tribunal clarified that its order for the approval of the resolution plan in the main application (IA(I.B.C.)/2155(CH)2023) would be subject to the outcome of this pending NCLAT appeal, which is listed for hearing on 25.08.2026 or thereafter.
  • IA(I.B.C)/955 (CH)2026: Filed under Section 60(5) of the IBC seeking directions regarding a belated claim (Form-C(A)) submitted on 22.07.2024 with a condonation of delay of 693 days. The Resolution Professional's counsel stated that clauses 9.7 and 9.10 (or other relevant clauses) of the resolution plan provide a mechanism for considering such belated claims. The application was disposed of with the direction that the applicant may avail the remedy provided under the resolution plan with the Successful Resolution Applicant (SRA).
  • IA (IBC)/2155(CH)2023, IA(I.B.C)/413 (CH) 2023, IA(I.B.C)/414 (CH) 2023: These applications, which include the main application for approval of the resolution plan, were listed for a future hearing on 23.07.2026.

Final Outcome

The NCLT has effectively given a conditional approval for the resolution plan for Gupta Builders and Promoters Private Limited. The plan's final implementation is contingent upon the outcome of an appeal (Company Appeal (AT)(Insolvency) No.102 of 2026) pending before the NCLAT. An objection to the plan was withdrawn, and a procedure for handling a significantly delayed claim was established as per the plan's provisions. The main approval application is scheduled for further hearing.

Topics: Insolvency Resolution, NCLT Proceedings, Conditional Approval