Authority: National Company Law Tribunal (NCLT), Division Bench, Court - 1, Ahmedabad
Order Date: 10/07/2026
Case Overview
This matter pertains to an Interlocutory Application (IA/1036(AHM)2026) filed in the main insolvency petition (C.P.(IB)/335(AHM)2022) initiated by The Cosmos Co-operative Bank Ltd. against SPS Autotubes Pvt Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application concerned defaults in payment by the Successful Resolution Applicants (SRAs), identified as Respondent Nos. 1 to 3, in implementing the approved Resolution Plan for SPS Autotubes Pvt Ltd.
The principal issue before the tribunal was the admitted default on the payment schedule outlined in the plan. The defaulting SRAs, through their counsel, acknowledged a default on five separate instalments.
Final Outcome
The tribunal recorded specific undertakings from the defaulting SRAs. For the immediate instalment of ₹1,19,06,250, which was due on 08.07.2026, they undertook to make the payment on or before 15.07.2026. For the entire aggregate defaulted amount of ₹6,89,37,500 (which excludes interest accrued at 12% per annum), they undertook to clear it on or before 06.10.2026, which is the date the 8th instalment under the plan falls due. They further undertook to pay all remaining future instalments strictly as per the approved plan's schedule.
The NCLT directed the defaulting SRAs (Respondent Nos. 1 to 3) to file a formal affidavit incorporating these undertakings within three days from the order date. This affidavit must also enclose copies of the Corporate Debtor's (SPS Autotubes Pvt Ltd.) balance sheets from the date of the Resolution Plan's approval until the present date, along with duly certified bank account statements as per the Bankers' Books Evidence Act. The matter was relisted for further consideration on 17.07.2026.
Topics: Corporate Insolvency, Resolution Plan Default