NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) Nos. 512 of 2026 (Arising out of Order dated 12.03.2026 passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Court-1, Ahmedabad in IA(Plan)19(AHM)2025 in C.P.(IB)/61 (AHM)2025)

IN THE MATTER OF:

Manohar Lal Vij …Appellant Versus Khushvinder Singhal & Ors. …Respondent Present:

For Appellant : Mr. Krishnendu Datta, Sr. Advocate with Mr. Vishal Hirawat and Mr. Abhishek Devgan, Advocates For Respondents : Mr. Anand Varma, Mr. Ayush Gupta and Ms. Disha Joshi, Advocates for R2.

Mr. Sandeep Bajaj, Ms. Honey Satpal, Mr. Mayank Biyani, Mr. Akash Agarwalla, Nipun Singhvi and Mr.

Aman, Advocates for R4.

With Company Appeal (AT) (Insolvency) Nos. 513 of 2026 (Arising out of Order dated 12.03.2026 passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Court-1, Ahmedabad in IA(Plan)19(AHM)2025 in C.P.(IB)/61 (AHM)2025)

IN THE MATTER OF:

Meghdoot Leisure LLP …Appellant Versus Khushvinder Singhal & Ors. …Respondent Present:

For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr. Vishal Hirawat, Mr. Anshul Rao, Himanshu Satija and Mr.

Abhishek Devgan, Advocates.

For Respondents : Mr. Anand Varma, Mr. Ayush Gupta and Ms. Disha Joshi, Advocates for R2.

Mr. Krishnendu Datta, Sr. Adv. with Mr. Vishal Hirawat, Abhishek Devgan, Adv. for R3 Mr. Sandeep Bajaj, Ms. Honey Satpal, Mr. Mayank Biyani, Mr. Akash Agarwalla, Nipun Singhvi and Mr.

Aman, Advocates for R4.

J U D G M E N T

Ashok Bhushan, J.

These two Appeals have been filed against the same order dated

12.03.2026 passed by National Company Law Tribunal, Division Bench, Court-1, Ahmedabad in IA(Plan)19(AHM) 2025 with IA/1451/(AHM)2025 and IA/62(AHM)2026 in C.P. (IB/61(AHM)2025. By the impugned order, the Adjudicating Authority has rejected IA(Plan)19(AHM) 2025 by issuing various directions, IA/1451/(AHM)2025 and IA/62(AHM)2026 were accordingly disposed of. Company Appeal (AT) (Ins.) No.512 of 2026 has been filed by Resolution Professional (“RP”) challenging the impugned order, whereas Company Appeal (AT) (Ins.) No.513 of 2026 has been filed by Successful Resolution Applicant, whose Resolution Plan was approved by 100% by the Committee of Creditors (“CoC”) in its 6^th CoC Meeting held on 12.11.2025. The Adjudicating Authority by the impugned order after rejecting the Plan approval application, restored the CIRP at the stage of issuance of Form-G. The RP was replaced and a direction was issued to complete the CIRP within

90 days.

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

(i) The Corporate Debtor (“CD”) Aldiam Motors Pvt. Ltd. had obtained financial facilities from IDBI Bank Ltd. (“IDBI Bank”) The facilities were taken by the CD against the mortgage of the immovable property to the Financial Creditor.

(ii) The CD failed to adhere to the financial discipline and default was committed on 08.01.2020 and Loan Agreement was declared as NPA on 08.01.2020. Financial Creditor issued notice under Section 13 sub-section (2) of the SARFAESI Act, 2002. An OTS proposal was submitted by the CD, which was not accepted.

(iii) A Section 7 application was filed by the Financial Creditor being C.P. (IB/61(AHM)2025 claiming dues of Rs.30,46,11,634.42, where Rs.19,06,29,908/- being principal amount and rest the interest. The Adjudicating Authority issued notice and by an order dated 06.05.2025 admitted Section 7 application and appointed Manohar Lal Vij as Interim Resolution Professional (“IRP”)

(iv) In the Corporate Insolvency Resolution Process (“CIRP”), claims were filed. The IDBI Bank filed its claim as Financial Creditor. The CoC was constituted by the IRP with IDBI Bank Ltd. having 100% vote share. The State Tax Department filed its claim, which was admitted by the RP. Income Tax Department also filed its claim. No other claim was admitted by the IRP.

(v) The first CoC meeting was held on 03.06.2025, in which IRP placed the steps to be tak