NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH COURT-IV Item No. 2 IA(IBC)(PLAN)/ 129(MB)2025, IA(IBC)(LIQ.)/ 11(MB)2025, IA 218(MB) 2025, IA 848(MB) 2025, IA 5761(MB)2025, IA 625(MB)2025, IA 3952(MB)2024, IA 4916(MB)2024, IA 5913(MB)2024, IA 312(MB)2025 IN C.P. (IB)/312(MB)2023 CORAM:

SHRI ANIL RAJ CHELLAN SHRI K. R. SAJI KUMAR HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF HEARING (HYBRID) DATED 04.02.2026 Name of the Parties: LIC HOUSING FINANCE LTD VS SHREE SAINATH LAND &

DEVELOPMENT (INDIA) PRIVATE LIMITED For Applicant : Adv. Prachi Wazalwar a/w Adv. Shawn Fernandes a/w Adv. Arusha Bapat (in IA 218/2025)

: Adv Partho Sarkar, Sunil Kundanani I/b Vidhi Legal (in IA- 3952/2024).

For RP : Adv. Rohit Gupta, Adv. Atishay Jain & Adv.

Tanushree Sogani i/b Adv. Kunal Kanungo.

For Respondent : Appearance not given.

Sections 7, 30, 60(5), 12(2) & 33(1) (b) (i) (iii) r/w 33(3) of IBC r/w Rule

11 of NCLT Rules

ORDER

IA(IBC)(PLAN)/ 129(MB)2025, IA(IBC)(LIQ.)/ 11(MB)2025 IA 218(MB) 2025, IA 848(MB) 2025, IA 5761(MB)2025, IA 625(MB)2025 List these AIs on 06.03.2026 for further consideration IA 3952(MB)2024

1. Heard both the Counsel for the Applicant and the Respondent.

2. List this matter on 06.03.2026 for Written Submissions IA 4916(MB)2024, IA 5913(MB)2024, IA 312(MB)2025

1. These Interlocutory Applications have been filed by the Resolution Professional (RP) of the Corporate Debtor seeking extension of the CIRP period as detailed below;

2. The brief facts necessary for the disposal of the applications are as follows:

2.1 CIRP in respect of the Corporate Debtor was initiated on

20.10.2023, and the Applicant was appointed as the Interim Resolution Professional (IRP). Thereafter, a majority shareholder preferred an appeal against the admission order before the Hon’ble NCLAT, wherein the stay was granted against the constitution of CoC vide order dated 10.11.2023. Subsequently, this order of stay was vacated on 20.12.2023; the period during which the stay was in operation was excluded from the CIRP period.

2.2 The Applicant constituted the CoC, issued Form G, issued RFRP, prepared the list of PRAs, etc. However, he has not received any plans despite the extension of the submission date for plans from time to time.

2.3 Since the statutory period of 180 days in the CIRP had expired, the Applicant preferred IA.No.3265/2024 seeking the 1^st extension of 90 days, which was allowed by the Tribunal order dated 25.06.2024.

2.4 The Applicant, thereafter, received four resolution plans from the Prospective Resolution Applicants (PRAs). During the consideration of the resolution plans, the period of the CIRP had expired; hence, the Applicant filed an IA. No. 4916/2024 seeking extension of 60 days in IA. No. 5913/2024, and 30 days in IA. No. 312/2025. All these applications were kept pending because the CoC had not made a decision on any resolution plan. Meanwhile, the majority creditor was also considering withdrawal of CIRP under Section 12A of the Code. When IA.No.5913/2024 came up for hearing before this Tribunal on 18.12.2024, the Tribunal directed the Applicant to convene the CoC meeting and seek CoC's approval either for the approval of the resolution plan or for the commencement of the liquidation process, and to report the decision to the Tribunal on 10.01.2025. Accordingly, at the 17th CoC meeting held on 27.12.2024, the CoC rejected all three resolution plans.

2.5 In the 18^th CoC meeting held on 07.01.2025, the CoC resolved in favour of liquidation of the Corporate Debtor with 83.49% voting in favour. Consequently, the Applicant filed IA (IBC) (Liq.) 11/2025 before this Tribunal. The homebuyers filed IAs No. 218/2025 and No. 625/2025, and the promoter filed IA.No.848/2025, objecting to the liquidation of the Corporate Debtor. All these applications are still pending.

3. We have heard the Ld. Counsel for the Applicant. He submits that during the hearing held on 11.03.2025, this Tribunal directed all the parties to engage in discussions and work