The residuary jurisdiction of the NCLT under Section 60(5) of the IBC does not extend to independent contractual or commercial disputes, such as insurance claim repudiations, that lack a direct nexus to the insolvency resolution process, regardless of whether the party is undergoing CIRP.

[Through Physical hearing/VC Mode (Hybrid)]

ITEM No.11

ORDER

I.A.No.161/2025 is dismissed vide separate order.

IA. No. 583/2024 is disposed of vide separate order.

IA.No.356/2024 is allowed vide separate order.

I.A. (IBC) (Plan) No.3/2025:

1. It is informed that additional documents has been filed vide dy.no.2036 with compliance of last order requirements and Bank Guarantee has been extended till 29.04.2026, and has already heard arguments. Further submits that there are no objections and fully satisfied with the Plan.

2. List the matter on 28.05.2026 for Clarification, if any.

I.A.No.929/2025

1. This application has been filed by Ex-employees of the C.D. It is informed that pleadings are completed.

2. For hearing, list the case on 28.05.2026.

I.A.No.163/2026:

1. Ld Counsel for Respondent requested time to file objections. Two weeks is granted to file objections with supply of copy to other side. Another two weeks for Applicant to file rejoinder with direct exchange of copies.

2. List the case on 28.05.2026.

I.A.No.295/2026:

1. This application is for recalling order dated 09.12.2025 filed by Applicant.

2. In view of restoration of power supply to the Corporate Debtor upon payment, nothing survives for adjudication. The Application is accordingly dismissed as infructuous.

List the case on 28.05.2026.

IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU (Exercising powers of Adjudicating Authority under The Insolvency and Bankruptcy Code, 2016)

I.A. No. 161/2025 in C.P. (IB) No. 32/BB/2023 (filed under Section 60 (5), Section 18 (f) and 25 (2) (a) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules , 2016)

IN THE MATTER OF: Mr. Naveen Kumar Jain

Resolution Professional of

Stellence Pharmscience Pvt. Ltd.,

A2/223, U.G.F Janakpuri New Delhi – 110058 …Applicant

Versus

The New India Assurance Company Limited

87, M.G. Road, Fort, Mumbai– 400 001

Also at: Davangere Division Office 289/12,

C G Hospital Road, A M Aracade 2nd Floor,

Davangere Karnataka – 577002 …..Respondent

IN THE MAIN MATTER OF:

M/s. Religare Finvest Ltd.

Having its registered office at

1407, 14th Floor, Chiranjiv Tower, 43,

Nehru Place, New Delhi – 110019 …Petitioner / Financial Creditor

Versus

M/s. Stellence Pharmscience Pvt. Ltd.

Registered Office at: No.456, 1A & 1B,

Industrial Area, Jigani, Bangalore– 562 106. … Respondent / Corporate Debtor

Order Delivered on: 24.04.2026

Coram:

Shri Sunil Kumar Aggarwal, Hon’ble Member (Judicial)

Shri Radhakrishna Sreepada, Hon’ble Member (Technical)

Counsels Present:

For the Applicant : Shri Shashank Nagendran

For the Respondent : Shri Hariprasad

O R D E R

1. This Application has been filed on 13.12.2024 under Section 60 (5), Section 18 (f) and 25 (2) (a) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016 by Shri Naveen Kumar Jain Resolution Professional of M/s. Stellence Pharmscience Pvt. Ltd. (“Corporate Debtor”) for the following reliefs: -

(a) Allow the present Application.

(b) Set Aside the repudiation order passed by Respondent dated 07.03.2024 being passed after the Commencement of Corporate Insolvency Resolution Process Period.

(c) Issue Appropriate Directions to Respondent to pay Rs. 41,26,683 (Forty-One Lakhs Twenty-Six Thousand Six Hundred Eighty-Three only) to Applicant towards the amount of insurance claim admitted and approved by the respondent dated 13.04.2023.

(d) Issue Appropriate Directions to Respondent to pay Rs. 41,26,683 (Forty-One Lakhs Twenty-Six Thousand Six Hundred Eighty-Three only) to Applicant towards