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NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No. 235 of 2025 IN THE MATTER OF:
J & K Integrated Textiles Park Ltd. …Appellant Versus Silklon Processors Pvt. Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
For Respondents : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates for R-1.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB WITH Company Appeal (AT) (Insolvency) No. 289 of 2025 IN THE MATTER OF:
Silklon Processors Pvt. Ltd. …Appellant Versus J&K Integrated Textiles Park Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates For Respondents : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 307 of 2025 Cont’d…/
IN THE MATTER OF:
Orbit Spinning Pvt. Ltd. …Appellant Versus J & K Integrated Textiles Park Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates For Respondents : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 308 of 2025 IN THE MATTER OF:
Silklon Synthetic Pvt. Ltd. …Appellant Versus J&K Integrated Textiles Park Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates For Respondents : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 309 of 2025 IN THE MATTER OF:
Toplon Industries Pvt. Ltd. …Appellant Versus J&K Integrated Textiles Park Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates For Respondents : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 333 of 2025 IN THE MATTER OF:
J & K Textorium Pvt. Ltd. …Appellant Versus J&K Integrated Textiles Park Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates For Respondents : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 334 of 2025 IN THE MATTER OF:
Chenab Industries Pvt. Ltd. …Appellant Versus J&K Integrated Textiles Park Ltd. & Anr. …Respondents Present:
For Appellant : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates For Respondents : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 338 of 2025 IN THE MATTER OF:
Green Textorium Pvt. Ltd. …Appellant Versus J&K Integrated Textiles Park Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates For Respondents : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 339 of 2025 IN THE MATTER OF:
J & K Integrated Textiles Park Ltd. …Appellant Versus J & K Synthetic Pvt. Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
For Respondents : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates for R-1.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 340 of 2025 IN THE MATTER OF:
J & K Integrated Textiles Park Ltd. …Appellant Versus Green Textorium Pvt. Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
For Respondents : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates for R-1.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 352 of 2025 IN THE MATTER OF:
J & K Synthetic Pvt. Ltd. …Appellant Versus J & K Integrated Textiles Park Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates For Respondents : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 353 of 2025 IN THE MATTER OF:
Jyotsna Industries Pvt. Ltd. …Appellant Versus J&K Integrated Textiles Park Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates For Respondents : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 341 of 2025 IN THE MATTER OF:
J & K Integrated Textiles Park Ltd. …Appellant Versus Silklon Synthetic Pvt. Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
For Respondents : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates for R-1.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 342 of 2025 IN THE MATTER OF:
J & K Integrated Textiles Park Ltd. …Appellant Versus Toplon Industries Pvt. Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
For Respondents : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates for R-1.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 343 of 2025 IN THE MATTER OF:
J & K Integrated Textiles Park Ltd. …Appellant Versus Orbit Spinning Pvt. Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
For Respondents : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates for R-1.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 349 of 2025 IN THE MATTER OF:
J & K Integrated Textiles Park Ltd. …Appellant Versus J & K Textorium Pvt. Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
For Respondents : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates for R-1.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 364 of 2025 IN THE MATTER OF:
J & K Integrated Textiles Park Ltd. …Appellant Versus Jyotsna Industries Pvt. Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
For Respondents : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates for R-1.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
WITH Company Appeal (AT) (Insolvency) No. 378 of 2025 IN THE MATTER OF:
J & K Integrated Textiles Park Ltd. …Appellant Versus Chenab Industries Pvt. Ltd. & Ors. …Respondents Present:
For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Akshat Singh and Mr. Utkarsh Kandpal, Advocates.
For Respondents : Mr. Bishwajit Dubey, Mr. Kunal Godhwani and Ms. Kinjal Chadha, Advocates for R-1.
Mr. Aditya Wadhwa, Mr. Arunav Sarma and Mr.
Abhyankar Pant, Advocate for PNB.
J U D G M E N T
(19th May, 2026)
Ashok Bhushan, J.
1.These 18 Appeals have been filed challenging nine separate orders passed by the Adjudicating Authority (National Company Law Tribunal) Chandigarh Bench, Court-1, Chandigarh in nine Section 7 applications filed by J&K Integrated Textiles Park Limited (Appellant, the Financial Creditor). Adjudicating Authority by the impugned order has dismissed Section 7 application and imposed penalty on Appellants as well as on the Corporate Debtors of Rs.25,00,000/- in each case. Aggrieved by the order passed by the Adjudicating Authority imposing penalty on the Corporate Debtor, Corporate Debtors in each case have also filed separate nine Appeals which are Appeals (by Corporate Debtors). All these Appeals raises common questions of fact and law, hence have been heard together and are being decided by common judgment.
2. Background facts giving rise to these Appeals are:-
2.1. The Government of India, Ministry of Textiles launched a scheme in 2005 namely— Scheme for Integrated Textiles Park (SITP). The object of SITP was to provide the industry with world-class state of the art infrastructure facilities for setting up their textile units. Under the Scheme, textile park was to be set up in industrial area Kathua, State of Jammu & Kashmir. Integrated Textile Parks had several components including land, common infrastructure, building for common facility, buildings for production purposes, plant & machinery, work space for textile units. At each integrated textile parks, there would be a separate Special Purpose Vehicle (SPV) formed with the representatives of local industry, financial institutions, State and Central Government which shall be corporate body registered under the Companies Act. J&K Integrated Textiles Park Limited, the Appellant (Financial Creditors) in Appeals was incorporated as a Special Purpose Vehicle (SPV) to implement the scheme for integrated textiles parks. J&K State Industrial Development Corporation Ltd. granted a lease of 200 Kanals of land at industrial estate Kathua (25 acres) in favour of the Appellant by Lease Deed dated 22.03.2012. Lease Deed was for a period of 90 years. The lessee was liable to pay an amount of Rs.1,50,000/- per kanal as premium with annual ground rent of Rs.3,000/- per kanal per annum. Lessee in part performance of the terms and conditions of the allotment has paid an amount of Rs.3,00,00,000/- as premium and Rs.12,00,000/- also as advance ground rent for two years. The lease contemplated that member units of SPV, as and when propose to set up independent entities in the park shall be required to get the Lease Deed executed directly with J&K State Industrial Development Corporation Ltd. Lessee was authorised to raise necessary construction (factory building etc.) on the lease premises. Ownership of the land was to remain with the State of Jammu and Kashmir. After the above Lease Deed, a Memorandum of Agreement was entered on 29.05.2013 on behalf of the President of India through Secretary of Ministry of Textile, Government of India and J&K Integrated Textile Parks Limited, Appellant, the Financial Creditor. Under the MoU, SPV was responsible for implementing the project as per approval granted by Ministry of Textiles to ensure that textile park is used only for setting up units operating in textile sector. Government of India also sanctioned project cost of Rs.39.70 Crores to the Appellant, Financial Creditor. After allocation of land and execution of MoU, the Appellant was to build up infrastructure on the allotted land for setting up the textile project. The Appellant allocated sites to nine industries (hereinafter referred to as Corporate Debtor). A Tripartite Agreement dated 12.05.2017 was entered between with J&K State Industrial Development Corporation Ltd., J&K Integrated Textiles Park Limited and Silklon Processors Pvt. Ltd. (Corporate Debtor). Similar Tripartite Agreement was entered with eight other Corporate Debtors. The Corporate Debt
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