Case Details
Case Name: IFCI Venture Capital Funds Limited Vs. Green Belt Industry Private Limited
Court/Authority: National Company Law Tribunal (NCLT), Guwahati Bench
Case Number: CP (IB)/6/GB/2025
Interlocutory Application Number: IA (IBC)/88/GB/2026
Date of Hearing: 21st May 2026
Presiding Members: Hon'ble Member (Judicial) Shri Rammurti Kushawaha and Hon'ble Member (Technical) Shri Yogendra Kumar Singh
Under Section: Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016)
Parties Involved
Petitioner/Creditor: IFCI Venture Capital Funds Limited
Corporate Debtor/Respondent: Green Belt Industry Private Limited
Resolution Professional (RP): Ms. Neha Agarwal
Legal Counsel for RP: Ms. Sannoyee Chakravorty, Advocate (appeared via video conferencing/physically)
Issues / Allegations / Violations
The matter pertains to an interlocutory application (IA) filed by the Resolution Professional, Ms. Neha Agarwal. The application sought permission from the NCLT for the publication of a fresh Form-G for the third time. Form-G is a public announcement inviting expressions of interest from potential resolution applicants for the corporate debtor under the Corporate Insolvency Resolution Process (CIRP).
Findings & Observations
The tribunal noted the submission made by the learned counsel for the Resolution Professional, Ms. Sannoyee Chakravorty. The key finding was that the Committee of Creditors (CoC) had already approved the request for the publication of a fresh Form-G for the third time. The tribunal's observation was based solely on this approval from the CoC.
Penalties / Settlements / Directions
No penalties or settlements were involved in this proceeding. The NCLT issued a direction permitting the Resolution Professional to proceed with the publication of a fresh Form-G for the third time, as requested in the application.
Corrective Actions & Future Obligations
The order grants permission for a specific procedural action—the publication of Form-G. This is a step in the CIRP to find a new resolution applicant for Green Belt Industry Private Limited. There are no specific corrective actions or future obligations mentioned beyond this permitted action.
Final Ruling & Enforcement
The NCLT bench, comprising both members, allowed the application IA (IBC)/88/GB/2026. The application was disposed of as allowed. The order was signed by both members: Shri Yogendra Kumar Singh (Member - Technical) and Shri Rammurti Kushawaha (Member - Judicial). The ruling is immediately enforceable, allowing the RP to publish the fresh Form-G.