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NATIONAL COMPANY LAW TRIBUNAL COURT-V, MUMBAI BENCH

1. IA/4528/2026 C.P. (IB)/4776(MB)2018 IN THE MATTER OF Markolines Infra Private Limited … Petitioner Vs Sion Panvel Tollways Private Limited … Respondent U/s 9 of the Insolvency and Bankruptcy Code, 2016 Order Delivered on 27.10.2026 CORAM:

SH. NILESH SHARMA SH. CHARANJEET SINGH GULATI MEMBER (J) MEMBER (T)

Appearance through VC/Physical/Hybrid Mode:

For the RP: Adv. Bhavit Baxi, Adv. Rishi Badraj & Adv. Hriday Shah (PH)

For the Respondent/CoC: Adv. Shriraj Khambete, Adv. Rounak Doshi i/b Saraf &

Partners (PH)

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ORDER IA/4528/2026- The above IA/4528/2026 is listed for pronouncement of order. The same is pronounced in open Court, vide a separate order.

Sd/- Sd/-

NILESH SHARMA CHARANJEET SINGH GULATI Member (Judicial) Member (Technical)

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NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH - V IN IA (IBC) No. 895 of 2026 IN CP (IB) No. 4776 of 2018 (Under Rule 11 of the National Company Law Tribunal Rules, 2016)

Babu Narayan Rai, (Suspended Director of Sion Panvel Tollways Private Limited)

Having its address at D/201, Chandresh Chaaya CHS. LTD, Kalyan Shil Road, Near Shiv Sena. Shakha, Lodha, Heaven, Nilje Village, Dombivli(East), Kalyan, Thane -421204, Maharashtra … Applicant Versus Mr. Sanjay Mishra (Resolution Professional of Sion Panvel Tollways Private Limited)

Dreams Complex, 4C-1605, LBS Marg, Bhandup West, Mumbai West, Maharashtra - 400078 … Respondent No. 1 Committee of Creditors Through its Lead Member National Asset Reconstruction Company Limited Having its Registered Address at – Unit No.1, 8th Floor, Birla Centurion, Wing B, Plot No, 794, Pandurang Bhudhar Marg, Worli, Century Mill, Mumbai, Maharashtra – 40003 ...Respondents No. 2 IN THE ORIGINAL MATTER OF Markolines Infra Private Limited …Operational Creditor Versus Sion Panvel Tollways Private Limited … Corporate Debtor Order Delivered on: 27.10.2026 Coram:

Sh. Nilesh Sharma, Sh. Charanjeet Singh Gulati Member (Judicial) Member (Technical)

Appearances:

For the RP: Adv. Rishi Badraj and Adv. Bhavit Baxi.

For the Applicant: Mr. GP Madaan, Mr. Akhand Pratap Singh Gaur.

For the CoC: Adv Shriraj Khambete, Adv Rounak Doshi, i/b Saraf and Partners.

For the Respondent/RP: Adv. Deep Roy, Adv. Rishi Badraj and Adv. Bhavit Baxi, (R-1).

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ORDER

IA(IBC) No/4528/2026

1. The present application has been filed by Babu Narayan Rai, (“Applicant”), under Rule 11 of the National Company Law Tribunal Rules, 2016 (“NCLT Rules”), seeking:

a. “Allow the present Application 'and recall the order dated 29.09.2026 passed by this Hon'ble Tribunal in IA No. 895 of 2026;

b. Restore IA (IBC) No. 895 of 2026 to its original number and position for fresh adjudication on merits;

c. Pending disposal of IA No. 895 of 2026 upon restoration, stay the operation and effect of the findings recorded in the order dated 29.09.2026 insofar as they validate the actions undertaken by the Respondents after expiry of the CIRP period on 06.02.2026”

Facts as per the Application, in brief:

2. The Applicant submits that it had filed IA No. 895 of 2026 under Section

60(5) of the Code read with Rule 11 of the NCLT Rules, 2016. It sought a declaration that all actions, resolutions, decisions and consequential steps in the CIRP, taken contrary to this Tribunal’s order dated 09.10.2025 (“no further extension shall be granted under any circumstances”), are illegal, without jurisdiction, non-est and void ab initio. The present application filed by the Applicant who is the suspended director of M/s Sion Panvel Tollways Private Limited (“Corporate Debtor”), seeks recall of the order dated 29.09.2026 passed dismissing IA No. 895 of 2026 (“Impugned Order”).

3. The Applicant submits that the Corporate Insolvency Resolution Process (“CIRP”) commenced on 17.03.2023 and has seen six extensions. By order dated 09.10.2025 in IA