Authority: National Company Law Tribunal, Division Bench, Court No. I, Kolkata

Order Date: 10/06/2026

Case Overview

This application (IA (I.B.C.) No. 74/KB/2026) was filed by the Suspended Board of Directors of Ankit Metal & Power Limited, represented by Mr. Shubham Bhagat, against the Resolution Professional (Sanjeev Kumar Jalan) and another respondent. The application was made under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016, within the main insolvency proceeding CP (IB) No. 91/KB/2023 initiated by financial creditor Asset Care & Reconstruction Enterprises Limited against corporate debtor Ankit Metal & Power Limited.

The applicant sought several reliefs: (a) an order directing the Resolution Professional and Committee of Creditors to stay the Corporate Insolvency Resolution Process (CIRP) bidding process pending the disposal of this application and a decision in IA. 1726 of 2025 filed by the Suspended Board of Sarita Steel & Power Limited in C.P.(I.B.) NO. 43/KB/2023, which prayed for consolidation of the CIRP of Ankit Metal & Power Limited and Sarita Steel & Power Limited; (b) an order directing the RP and CoC to restart the Swiss challenge process by reissuing the Request for Resolution Plan in terms of Regulation 36B of the CIRP Regulations; (c) ad interim orders in terms of the prayers above; and (d) any other directions the Tribunal deemed fit.

The matter was heard by a bench comprising Smt. Bidisha Banerjee, Member (Judicial) and Cmde Siddharth Mishra, Member (Technical). Appearances were recorded for the applicant (Ms. Manju Bhuteria, Sr. Adv. with others), for the CoC (Mr. Joy Saha, Sr. Adv. with others), and for the RP (Mr. Rishav Banerjee, Adv. with others).

Final Outcome

The National Company Law Tribunal dismissed the application. The bench held that in view of the order passed in a separate proceeding, I.A(I.B.C) No. 223/KB/2026, the instant application had become infructuous. Consequently, all prayers sought by the applicant were denied.

Topics: Insolvency Proceeding, NCLT Order, CIRP Process