Authority: National Company Law Tribunal (NCLT), Indore Bench, Court No. 1

Order Date: 08/06/2026

Case Overview

This proceeding, IA/323(MP)2026 in CP(IB)/73(MP)2024, was an application filed by Mr. Harsh Firoda, the Resolution Professional (RP) for Soni Solya Products Ltd (the Corporate Debtor). The application was made under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (Code) read with Rule 11 of the NCLT Rules, 2016. The principal matter was a request to exclude a specific period from the computation of the Corporate Insolvency Resolution Process (CIRP) timeline. The CIRP for Soni Solya Products Ltd. was initiated by the NCLT's admission order dated 08.01.2026, which had appointed Mr. Navin Khandelwal as the Interim Resolution Professional (IRP). Subsequently, Mr. Khandelwal communicated that he was unable to assume the assignment. This was due to a statutory restriction under Regulation 7B of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, as amended in November 2025, which limits the number of assignments an Insolvency Professional can handle. Mr. Khandelwal was already handling ten assignments and was therefore ineligible. Consequently, Samunnati Financial Intermediation and Services Pvt. Ltd. filed for his replacement. The NCLT allowed this application and appointed the current applicant, Mr. Harsh Firoda, as the new RP via its order dated 17.02.2026. The applicant argued that no effective CIRP proceedings occurred between 08.01.2026 and 16.02.2026 due to these circumstances beyond anyone's control, and excluding this period was necessary for a meaningful CIRP.

Final Outcome

The NCLT bench, comprising Member (Judicial) Shri Brajendra Mani Tripathi and Member (Technical) Shri Man Mohan Gupta, allowed the application. The tribunal ordered the exclusion of 40 days, from 08.01.2026 to 16.02.2026, from the computation of the CIRP period. It directed that the 180-day CIRP period for Soni Solya Products Ltd. shall be computed from 17.02.2026, the date the current RP assumed charge. The application IA/323(MP)2026 was disposed of as allowed.

Topics: Insolvency Proceeding, CIRP Timeline, NCLT Order