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2026 Supreme(Online)(NCLT) 1672
NATIONAL COMPANY LAW TRIBUNAL
Mohan Prasad Tiwari, Member (J), Charanjeet Singh Gulati, Member (T)
Kanak Jani – Appellant
Versus
Committee of Creditors of Doshi Holdings Private Limited – Respondent
IA/1896/2021 | C.P. (IB)/1220(MB)2020
For the Applicant/RP: Kanak Jani
For the Respondents: Prathamesh Nirkhe i/b Asahi Legal
NCLT approves CoC-approved resolution plan compliant with IBC S.30(2); defers to CoC commercial wisdom, ensures going concern.
Headnote:The Insolvency and Bankruptcy Code, 2016 (IBC) under Sections 7, 30(2), 30(6), 31, and 66, along with CIRP Regulations including Reg. 39(4), governs the Corporate Insolvency Resolution Process (CIRP). CIRP initiated against corporate debtor upon financial creditor's application; public announcement issued, claims collated, CoC constituted with sole member, valuation reports obtained. Court finds resolution plan compliant with mandatory requirements, approved by 100% CoC vote, feasible despite debt restructuring without cash infusion. Issues framed around plan compliance with S.30(2), CoC commercial wisdom, S.29A eligibility, and treatment of claims/assets. Ratio emphasizes NCLT's limited role to verify S.30(2) conformity per K. Sashidhar; CoC's 100% approval binding, arithmetical inconsistencies non-material, plan ensures going concern status with monitoring committee oversight. Resolution plan approved; effective immediately, binding on all stakeholders, moratorium lifted, existing shares extinguished, RP to hand over records.
| Table of Content |
|---|
| 1. cirp initiation, coc formation, invitation for plans. (Para 1 , 2 , 5 , 9 , 10) |
| 2. claims collation, valuation, minor discrepancies overlooked. (Para 3 , 4 , 6 , 7 , 8) |
| 3. coc 100% approval, s.29a compliance certified. (Para 11 , 12 , 13 , 14 , 40 , 44) |
| 4. plan feasibility via debt adjustment, going concern ensured. (Para 15 , 16 , 17 , 18 , 19 , 20) |
| 5. emd and performance security provisions met. (Para 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28) |
| 6. monitoring committee supervises implementation. (Para 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36) |
| 7. existing shares extinguished, transferred to applicant. (Para 37 , 38 , 39) |
| 8. pufe applications survive plan approval. (Para 45 , 46) |
| 9. coc wisdom paramount; plan approved per s.30(2). (Para 47 , 48 , 49) |
ORDER
Order Delivered on: 23.02.2026 I.A. NO. 1896 OF 2021
1. This present IA has been filed on 20.08.2021 by Ms. Kanak Jani, Resolution Professional (‘the Applicant’) of M/s. Doshi Holdings Private Limited (‘Corporate Debtor’) under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (‘CIRP Regulation 2016’) seeking approval of the Resolution Plan submitted by M/s. Anand Rathi Global Finance Limited, i.e., Resolution Applicant as agreed upon by the requisite majority of the Committee of Creditor (‘CoC’) by 100% votes as per the provisions of the Code.
Brief Facts
2. The Corporate Insolvency Resolution Process (‘CIRP’) of M/s Doshi Holdings Private Limited (‘Corporate Debtor’) was initiated by this Tribunal vide order dated 19.02.2021 under Section 7 of the Code (‘said order’). Pursuant to the said order, the Applicant was appointed as the Interim Resolution Professional (‘IRP’) of the Corporate Debtor. Accordingly, Public Announcement in Form A was issued on 25.02.2021, in two newspapers namely Financial Express-Mumbai Edition (English language) and Navakal- Mumbai Edition (Marathi language), inviting claims from all the creditors on or before 09.03.2021
3. The Applicant submits that it received claims from all creditors of the Corporate Debtor and after collation constituted the CoC and report of the constitution of CoC was filed with before the Tribunal on 18.03.2021. The list of CoC member along with respective voting shares, is set out below:
4. Pursuant to the order dated 20.01.2026 in IA No. 3117 of 2023, the Applicant filed an Additional Affidavit dated 28.01.2026 placing on record compliance documents, including an affidavit of the sole CoC member, M/s. Anand Rathi Global Finance Ltd., stating that upon adjustment of the amounts realized from sale of a portion of the pledged shares of Premier Limited during the CIRP period, the original claim of Rs. 8,35,25,398/- stands reduced to Rs. 4,48,14,398/-. The updated list of CoC member with their updated admitted claim amounts is set out below:
5. The Applicant submits that in the 1st CoC meeting convened on 25.03.2021, the Applicant (IBBI Registration No. IBBI/IPA-001/IP-P-01757/2019- 20/12685) was resolved to be appointed as the Resolution Professional (‘RP’) of the Corporate Debtor.
6. Thereafter, in 2nd CoC meeting dated 26.04.2021, members of CoC fixed minimum criteria and further also approved the Evaluation Matrix (‘EM’) and draft Request for Resolution Plan (‘RFRP’). Further, in accordance with Regulation 27 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (‘CIRP Regulation 2016’), the Applicant appointed registered valuers, namely Naresh Ghanshyamchandra Bheda and CA Dharmendra Dhelariya.
Valuation of the Corporate Debtor:
7. The appointed valuers have submitted their Valuation Reports, annexed as Annexure – ‘D’ and ‘E’ to Additional Affidavit dated 03.12.2025. The summary of valuation by the registered valuers are, as submitted are reproduced below:
(Amount in Rs.)
8. It is observed that certain arithmetical and disc
