J U D G M E N T

(25^th May, 2026)

INDEVAR PANDEY, MEMBER (T)

1.The present Appeal has arisen from the order dated 16.09.2025 passed by the National Company Law Tribunal, Mumbai Bench-V (Adjudicating Authority) in I.A. No. 4588 of 2024 in CP (IB) No. 1139 of 2020, whereby the application filed by the Appellant, M/s Dharampal Premchand Ltd. (Claiming to be an Operational Creditor), seeking recall of an earlier order passed by Adjudicating Authority in IA No. 1916 of 2022 dated 31.03.2023, whereby it approved the Resolution Plan of Corporate Debtor-Trimurti Foodtech Ltd., who is Respondent No.3 herein, was dismissed.

2. The Appeal has been preferred against the said impugned order primarily on the ground that despite the operational debt claim of the Appellant being admittedly above the statutory threshold prescribed under Section 24(3)(c) of the Insolvency and Bankruptcy Code, 2016,(hereinafter referred to as ‘Code’), the Resolution Professional of the Corporate Debtor Mr. Manoj Kumar Mishra/ Respondent No.2, allegedly failed to issue notice of the Committee of Creditors meetings to the Appellant during the Corporate Insolvency Resolution Process. The Appellant has further alleged that although it had filed their claim in Form B during the CIRP, the same was subsequently treated as a “contingent claim” on the basis of an alleged counterclaim raised by Respondent No.2/RP, resulting in complete denial of any payment to the Appellant under the Resolution Plan submitted by the Successful Resolution Applicant-Mr. Jitendra Bhandari/ Respondent No.1. The Appellant has also challenged the CIRP process on the ground that machinery and equipment belonging to the Appellant and merely leased to Respondent No.3/Corporate Debtor were unlawfully treated as assets of the Corporate Debtor during the insolvency proceedings, apart from alleging various procedural irregularities and arbitrary exercise of jurisdiction during the resolution process. FACTS OF THE CASE

3. The facts relevant for deciding this matter are as given below:

(i) The Appellant, namely M/s Dharampal Premchand Ltd. (Claiming to be an Operational Creditor), is stated to be a well-established company operating in the FMCG sector for several decades and having diversified into manufacturing and marketing of fruit pulp-based jelly products and fruit bars. In connection with its business operations, the Appellant entered into commercial arrangements with Respondent No.3/Corporate Debtor namely Trimurti Foodtech Ltd. for manufacturing and packaging of fruit bars.

(ii) A fresh “Contract Manufacturing and Packaging Agreement” was executed between the Appellant and the Corporate Debtor on 20.08.2014, superseding an earlier agreement dated 28.11.2013. Under the said arrangement, the Corporate Debtor undertook manufacturing and packaging activities for the Appellant’s products. In furtherance of the arrangement, the Appellant extended substantial financial support to the Corporate Debtor in the form of mobilisation advance, security deposit, and advance towards procurement of raw material and packaging material. The total financial assistance extended under the arrangement was stated to be approximately Rs.6.25 Crores.

(iii) Simultaneously, assurances were allegedly extended by the Corporate Debtor regarding enhancement of manufacturing capacity and procurement of additional machinery for its Waluj Plant. Acting upon such assurances, the Appellant purchased necessary equipment and machinery worth approximately Rs.3.60 Crores and provided the same to the Corporate Debtor under an “Equipment Lease Agreement” executed on 20.08.2014. According to the Appellant, the ownership of the said machinery and equipment always remained vested with the Appellant and the same was merely leased to the Corporate Debtor for operational purposes.

(iv) Appellant terminated the above agreement on 20.12.2017 on grounds of non-adherence as per agreement unilaterally and sent the letter of termination to the Respondent No.