Authority: National Company Law Tribunal, New Delhi Principal Bench
Order Date: 15 July 2026
Case Overview
The National Company Law Tribunal (NCLT) heard an application (IA-3147/2026) filed in the matter of Mrs. Pallavi Gupta Thakur & Mr. Padam Thakur & Ors. versus Jaipuria Buildcon Pvt Ltd. (CP(IB)-48(PB)/2020). The application sought to substitute CFM Asset Reconstruction Private Limited in place of M/s Caparo Financial Solutions Limited in the ongoing insolvency proceedings under Section 7 of the Insolvency & Bankruptcy Code, 2016, including in application IA-3706/2025.
The bench comprised Justice Anupinder Singh Grewal (Hon'ble President) and Shri Ravindra Chaturvedi (Hon'ble Member Technical). The hearing was conducted in hybrid mode (physical and video conference). Representation included Mr. Samyak Gangwal for the applicant and Mr. Vipul Pankaj Sanghi with Ms. Anshika Verma for the respondent.
Final Outcome
The NCLT issued notice to the respondents/non-applicants. The applicant undertook to serve notice through all modes, including speed post and courier, and to file an affidavit of service within one week. The respondent may file a reply within one week from receipt of notice, with a rejoinder allowed thereafter. The case is listed for next hearing on 28 July 2026.
Topics: Insolvency Proceedings, Substitution Application, NCLT Order