Case Note & Summary
The case involved an appeal by SREI Equipment Finance Ltd. against an order approving a resolution plan by the National Company Law Tribunal, Mumbai. The appellant claimed that a property, CTS No. 4/3, measuring 8824.5 sq. mtrs., located at Balrajeshwar Road, Mulund, was included in the resolution plan despite being exclusively mortgaged to them on 18.09.2019 for loans totaling Rs. 168.4 Crores. The appellant argued that they were not heard before the inclusion of this property in the resolution plan, which they believed was improper. During the proceedings, the SRA clarified that the property in question was not included in the resolution plan. Following this clarification, the appellant's counsel expressed the intention to withdraw the appeal. Consequently, the appeal was dismissed as withdrawn, and all pending interim applications were also disposed of. The tribunal's decision was based on the clarification provided by the SRA, which alleviated the appellant's concerns regarding the property inclusion.
Headnote
A) Insolvency Law - Approval of Resolution Plan - Inclusion of Mortgaged Property - Insolvency and Bankruptcy Code, 2016 - The appellant contended that a property mortgaged to them was included in the resolution plan without their hearing, which was improper. The court noted the SRA's clarification that the property was not included in the resolution plan, leading to the appellant's decision to withdraw the appeal. Held that the appeal was dismissed as withdrawn (Paras 5-7).
Issue of Consideration
Whether the resolution plan improperly included a property exclusively mortgaged to the appellant without a hearing.
Final Decision
The appeal was dismissed as withdrawn, and all pending interim applications were also disposed of.
Law Points
- Resolution plan approval
- Inclusion of mortgaged property
- Withdrawal of appeal
Case Details
2026 LawText (NCLAT) (06) 70
Company Appeal (AT) (Ins.) No. 1035 of 2026
Justice Yogesh Khanna, Mr. Naresh Salecha
Mr. Gopal Jain, Ms. Priyanka Vora, Mr. Ativ Patel, Mr. Aditya Raj, Mr. Kushagra Dash, Mr. Harshad Vyas, Mr. Vishesh Kalra, Ms. Simran Shadija, Mr. Akshay Petkar, Mr. Akshat Malpani, Ms. Saloni Sulabhe, Mr. Bhalchandra Palav
SREI Equipment Finance Ltd.
Amit Vijay Karia, Resolution Professional of Nirmal Lifestyle (Mulund) Private Limited & Ors.
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Nature of Litigation
Appeal against the approval of a resolution plan by the National Company Law Tribunal.
Remedy Sought
The appellant sought to challenge the inclusion of a mortgaged property in the resolution plan.
Filing Reason
The appellant claimed improper inclusion of their mortgaged property without a hearing.
Previous Decisions
The resolution plan was approved by the National Company Law Tribunal, Mumbai.
Issues
Improper inclusion of mortgaged property in resolution plan
Right to be heard before property inclusion
Submissions/Arguments
The appellant argued that the property was included without a hearing.
The SRA clarified that the property was not included in the resolution plan.
Ratio Decidendi
The court emphasized the importance of hearing parties affected by the resolution plan, but noted that the SRA's clarification resolved the appellant's concerns.
Judgment Excerpts
This appeal is against an impugned order dated 29.04.2026 whereby resolution plan has been approved.
The grievance of the appellant is that the resolution plan has included the property... which property in fact was exclusively mortgaged to the appellant.
The appeal stands dismissed as withdrawn.
Procedural History
The appeal was filed against the approval of a resolution plan by the National Company Law Tribunal, and the appellant sought to include the SRA as a party before ultimately withdrawing the appeal.
Acts & Sections
- Insolvency and Bankruptcy Code:
