Authority: National Company Law Tribunal, Indore Bench Court No. 1
Order Date: 29/06/2026
Case Overview
This application (IA/348(MP)2025) was filed by Shradha Buildcon Pvt Ltd & Anr, the Successful Resolution Applicant (SRA), against ASREC (India) Ltd & Ors. The matter arises from TP No. 62 of 2019 [CP(IB) No. 191 of 2017], a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 15.02.2019. The Corporate Insolvency Resolution Process (CIRP) culminated in the approval of a Resolution Plan, with the applicant becoming the SRA.
The applicant claims to have duly discharged all obligations and liabilities under the approved Resolution Plan. The core grievance is that Respondent Nos. 3, 6, and 7 (specific creditors not named in the order) have failed to issue the requisite No Objection Certificates (NOCs), which is preventing the Registrar of Companies (RoC), Madhya Pradesh, Gwalior (Respondent No. 8) from updating its records to reflect the satisfaction of charges on the Ministry of Corporate Affairs (MCA) portal. This leaves the SRA incorrectly reflected as having outstanding dues. In contrast, Respondent No. 1 (ASREC) and Respondent No. 2 (ARCIL) have already issued their NOCs.
The tribunal noted that Respondents 3, 6, and 7, though duly served, had neither filed replies nor entered appearance despite previous orders.
Final Outcome
The NCLT directed Respondent Nos. 3, 6, and 7 to issue the requisite No Objection Certificates to the Applicant/SRA, in terms of the approved Resolution Plan, within two weeks. The Applicant was ordered to serve a copy of this order upon these respondents and their Managing Directors forthwith to ensure compliance. The matter was listed for further consideration on 21.07.2026.
Topics: Insolvency Resolution, Creditor Compliance, NCLT Directive