NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No. 85 of 2026 &

I.A. No. 292 of 2026 [Arising out of Order dated 11.11.2025 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench, Court – II), in I.A. No.

159 of 2020 & I.A./717(AHM)2025 in C.P. (IB) 157 of 2018]

IN THE MATTER OF:

Nivaya Resources Private Limited …Appellant Versus Divyesh Desai & Anr. …Respondent Present:

For Appellant : Mr. Asheesh Jain, Sr. Advocate with Mr. Raghav Kakkar, Mr. Anurag Bhatt, Mr. Adarsh Gupta, Mr. Lokesh Pathak and Mr. Sikshit Pratap Thakur, Advocates.

For Respondents : Mr. Tishampati Sen, Ms. Riddhi Sancheti, Mr.

Anurag Anand, Mr. Mukul Kulhari, Advocates with Mr. Divyesh Desai, IRP for R-1.

Mr. Deep Roy, Advocate for CoC.

J U D G M E N T

ASHOK BHUSHAN, J.

I.A. No. 292/2026

1. Sufficient cause has been shown for condonation of delay in filing of the appeal.

Delay condoned.

1. This appeal by a Successful Resolution Applicant (SRA) has been filed

against an order dated 11.11.2025 passed by the adjudicating authority

(National Company Law Tribunal, Ahmedabad, Court – II) in I.A. No. 159/2020 & I.A. No. 717/2025 in C.P. (IB) No. 157/2018. By the impugned order, the adjudicating authority has allowed I.A. No.159/2020 approving the resolution plan submitted by the appellant and has rejected I.A. No.

717/2025 filed by the appellant.

2. Brief facts of the case necessary to be noticed for deciding the appeal are:

i. The corporate debtor – GPT Steel Industries Ltd. was put to Corporate Insolvency Resolution Process (CIRP) by order dated 02.05.2019.

ii. Appellant submitted the resolution plan which came to be approved by the Committee of Creditors (CoC) with 82.41% voting shares on

18.02.2020.

iii. H-2 bidder one Pancha Tatva Promoters Pvt. Ltd. filed an appeal against the approval of the resolution plan.

iv. Resolution Professional (RP) filed an I.A. No. 159/2020 for approval of the resolution submitted by the appellant. The CoC filed an I.A. No. 239/2022 seeking direction that resolution plan of SRA be remanded back to CoC to enable the CoC to reconsider all the resolution plans.

v. Adjudicating authority remanded the resolution plan to the CoC by order dated 27.07.2022 and disposed of the I.A.159/2020 on 07.04.2022. The Gujarat Industrial Development Corporation (GIDC) who had granted lease to the corporate debtor has issued a show cause notice and termination order.

vi. RP on 31.05.2022 filed an I.A.461/2022 challenging the termination of lease deed by GIDC. I.A. No. 461/2022 was disposed of by the adjudicating authority directing the RP to approach the appellate authority against the termination of lease.

vii. The RP filed an appeal in this Tribunal challenging the order of the adjudicating authority. This Tribunal vide its order dated 21.03.2025 set aside the order of the adjudicating authority and revived I.A. No.159/2020 for approval of the resolution plan. This Tribunal also set aside the termination of lease by GIDC.

viii. On 29.05.2025, appellant filed an I.A. No. 717/2025 seeking direction against the RP for proper implementation of resolution plan and highlighting certain irregularities allegedly committed by RP.

ix. Adjudicating authority after hearing the parties has allowed I.A. No.

159/2020 and approved the resolution plan and has rejected I.A. No. 717/2025. Challenging the said order dated 11.11.2025, this appeal has been filed by the SRA.

3. We have heard learned Sr. counsel Mr. Asheesh Jain appearing for the appellant as well as learned counsel Mr. Tishampati Sen appearing for the RP and learned counsel Mr. Deep Roy appearing for the CoC.

4. Learned Sr. counsel Mr. Asheesh Jain appearing for the appellant challenging the impugned order submits that RP did not share the proceedings initiated by the RP against the show cause notice issued by the GIDC. RP did not allow the visit of SRA to the assets. There is uncertain status of assets of the corporate debtor in view of likely action