Case Details

Case Name: Savfab Developers Pvt. Ltd. vs Anju Agarwal & Ors.

Court/Authority: National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi

Case Number: Company Appeal (AT) (Ins.) No. 1023 of 2026

Order Date: 01.06.2026

Appeal Against: Impugned order dated 17.04.2026 passed by National Company Law Tribunal, Delhi Bench-II in IA (IBC) (Plan) 54/ND/2024

Parties Involved

Appellant: Savfab Developers Pvt. Ltd.

Respondents: Anju Agarwal & Ors.

Legal Representation for Appellant: Ms. Rashi Gupta, Ms. Sonia Munjal, Advocates

Other Parties Mentioned: Financial Creditors, Secured Creditor, UPSIDA, Resolution Professional, Punjab & Sind Bank, Axis Bank

Issues / Allegations / Violations

The appellant is aggrieved by two specific conditions imposed by the NCLT in its order:

1. A time limit of 90 days for payment to the Financial Creditors as specified in Paragraph No. 56 (iii) (4) of the impugned order

2. A directive that any profit/margin beyond 12% of the plan value would be shared by the Resolution Applicant (SRA) with Secured Creditor, including UPSIDA in equal proportion

The appellant's counsel submitted that these conditions were not proposed by the Resolution Applicant in the original plan submitted to the NCLT.

Findings & Observations

The NCLAT noted that the appellant's counsel referred to Clause (6) of the originally submitted plan, which indicated that Punjab & Sind Bank and Axis Bank were to be paid some upfront amount with the balance to be paid in deferred payments, and no interest was liable to be paid on the amounts of deferred payments.

However, the NCLAT observed that the decision of the Committee of Creditors (CoC) on these issues had not been filed before the tribunal.

Final Ruling & Enforcement

The NCLAT issued the following directions:

1. Ordered that the minutes of the CoC meeting in which the plan was approved be filed before the next date of hearing

2. Issued notice to the Resolution Professional

3. Adjourned the matter and listed it for next hearing on 08.06.2026

The appeal remains pending and will be heard further after receipt of the requested CoC meeting minutes.