JUDGMENT

(Hybrid Mode)

[Per: Arun Baroka, Member (Technical)]

The present Appeal is filed by the Resolution Professional (hereinafter referred to as the "Appellant" or "Resolution Professional") ofArshiya Limited- CIRP initiated vide order dated 23rd April 2024, Arshiya Limited (the "Corporate Debtor"), challenging the order dated 16.07.2025 (the "Impugned Order") passed by the Hon’ble National Company Law Tribunal, Mumbai Bench (the "NCLT" or "Adjudicating Authority") in IA No. 1927 of 2025 (the "Application") arising out of CP (IB) No. 3143/MB/2019 (the "Company Petition"). The Appellant contends that the Adjudicating Authority erred in passing the Impugned Order by failing to appreciate the provisions of Regulation 29 of the Insolvency and Bankruptcy Board of India (Corporate Insolvency Resolution Process) Regulations, 2016 (the "CIRP Regulations").

2. The Committee of Creditors ("COC") members had approved the proposed "sale" of the non-core assets of Arshiya Limited which is a "Sale of asset outside the course of business" of the Appellant with a clear intent of maximisation of value which would not only enhance the value of the present CIRP process of Arshiya Limited but would ha