Case Details
Case Name: IDBI Bank Limited V/S Laxmi Oil and Vanaspati Private Limited
Court/Authority: National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj
Case Number: CP (IB) No.119/ALD/2024
Interlocutory Applications: IA No.228/2026, IA No.297/2026 & IA No.329/2026
Date of Order: 22nd May, 2026
Presiding Members: Shri Praveen Gupta, Hon'ble Member (Judicial) and Shri Ashish Verma, Hon'ble Member (Technical)
Parties Involved
Petitioner/Financial Creditor: IDBI Bank Limited
Corporate Debtor: Laxmi Oil and Vanaspati Private Limited
Resolution Professional (RP): Mr. Rohit Sehgal (Applicant in IAs)
Counsel: Sh. Shubham Agarwal, Adv. appeared for the Applicant/RP
Issues / Allegations / Violations
This hearing concerned three Interlocutory Applications (IAs) filed within an ongoing Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC).
The primary issue in IA No.297/2026 was a request to exclude a specific period from the statutory timeline of the CIRP.
Findings & Observations
The Tribunal examined the submissions and documents presented by the RP's counsel.
For IA No.297/2026, the Tribunal noted the order dated 18.12.2025 from the National Company Law Appellate Tribunal (NCLAT), which stated that no steps shall be taken in pursuance of an order dated 12.12.2025, effectively staying the CIRP process.
The Tribunal also noted the subsequent NCLAT order dated 05.01.2026, which did not extend the interim order after noting that an One-Time Settlement (OTS) proposal had been revoked and no payments were made.
The Tribunal observed that the Committee of Creditors (CoC), in its meeting held on 07.04.2026, had passed Resolution no.2, approving the exclusion of the 19-day period (from 18.12.2025 to 05.01.2026) from the CIRP timeline and authorizing the RP to file the necessary application.
Penalties / Settlements / Directions
IA No.297/2026: The prayer was allowed. The NCLT directed the exclusion of 19 days, from 18th December 2025 to 5th January 2026, from the computation of the CIRP period for the Corporate Debtor. The application was disposed of.
IA No.329/2026: The application, filed for placing on record the 4th Progress Report, was allowed. The report was taken on record, subject to just exceptions. The application was disposed of.
IA No.228/2026: The application was adjourned and ordered to be put up for hearing on 21st July, 2026.
Final Ruling & Enforcement
The order grants the exclusion of time, thereby officially adjusting the remaining timeline for the completion of the CIRP of Laxmi Oil and Vanaspati Private Limited. The RP is to continue the process under the revised timeline. The matter is next listed for hearing on IA No.228/2026 on 21st July, 2026.