IN CP(IB) No. 3528 of 2018 Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 and 49 of the NCLT Rules, 2016 In the Application of Maharaja Instrumentation Pvt. Ltd.

…Applicant Versus Mr. Pulkit Gupta & Ors.

…Respondents In the matter of Punjab National Bank …Financial Creditor Versus Vadraj Cement Limited …Corporate Debtor Order Delivered On : 10.03.2026 Coram Sh.Prabhat Kumar Sh.Sushil Mahadeorao Kochey Member (Technical) Member (Judicial)

Appearances:

For the Applicant : Adv. Ahmed Padela For Respondent No. 1 : Adv. Akilesh Menezes a/w Adv. Aditi Nazre For Respondent No.2 : Adv. Vishnu Shriram a/w Adv. Aaria Parekh Brief facts:

1. The present Interlocutory Application has been filed on 6.11.2025 by the Applicant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with Rules 11 and 49 of the NCLT Rules, 2016, seeking recall of the Order dated 01.04.2025 passed by this Tribunal in IA (Plan) No. 11 of 2025 (“IA”) in CP (IB) No. 3528/MB/2018, whereby the Resolution Plan submitted by the Successful Resolution Applicant was approved, thereby praying the following:

a) To recall the Impugned Order dated 01.04.2025 passed by this bench in the IA (Plan) No. 11 of 2025 approving the resolution plan of the Successful Resolution Applicant;

b) Pending the hearing and final disposal of the present Interlocutory Application, stay the operation and implementation of Order dated 01.04.2025 and restrain the Respondents from taking any steps in furtherance of the same;

c) Pending the hearing and final disposal of the present Interlocutory Application, direct the Respondent No. 1 to take control of the Corporate Debtor and not handover the same to the Respondent No. 2;

d) For costs of the present Interlocutory Application;

e) Pass any such other order/s that this Tribunal may deem fit in the facts and circumstances of this case.

2. The Applicant is an Operational Creditor of Vadraj Cement Limited (earlier known as ABG Cement Limited) (hereinafter referred to as “Corporate Debtor”), for the amounts claimed to be due on account of instrumentation and electrical works undertaken at the Kutch Cement Plant pursuant to Work Order dated 14.02.2011 and subsequent amended work orders. The Applicant has its registered address at 4/90 MIG-A, Atal Nagar RHB Colony, Near Housing Board Office, Nimbahera, District Chittorgard, Rajasthan 312 601.

3. The Corporate Insolvency Resolution Process (“CIRP”) of the Corporate Debtor was commenced vide order dated 02.02.2024 wherein Mr. Pulkit Gupta was appointed as the Interim Resolution Professional (hereinafter referred to as “RP/Respondent no.1”). In the course of the CIRP, Nuvoco Vista Corporation Limited (hereafter referred to as “Successful Resolution Applicant/SRA/Respondent no.2”) bearing CIN L26940MH1999PLC118229 and having address at Equinox Business Park, Tower 3, East wing, 4^th Floor, LBS Road, Kurla (w), Mumbai, Maharashtra 400070, submitted a Resolution Plan for the Corporate Debtor. The Resolution Plan was approved by the Committee of Creditors on 29.10.2024 and was thereafter approved by this Tribunal vide order dated 01.04.2025 in IA (Plan) No. 11 of 2025 (hereinafter referred to as “Plan Approval Order”). Pursuant thereto, the Resolution Plan has been fully implemented and all creditor dues have been discharged in accordance with the treatment envisaged under the plan.

Submissions of the Applicant

4. It is submitted that a total sum of Rs. 50,33,906/- (Rupees Fifty Lakhs Thirty-Three Thousand Nine Hundred and Six only) remains due and payable to the Applicant towards bills and retention amounts. The Applicant contends that the Corporate Debtor, vide letter dated 21.02.2015, acknowledged its liability and admitted the outstanding dues. Despite repeated follow-ups and communications dated 10.11.2015 and 05.02.2018, the payments were not made.

5. The Applicant submits that the said liability is reflected in the books of accounts of the Corporate Debtor and cont