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NATIONAL COMPANY LAW TRIBUNAL

INDORE BENCH

COURT NO. 1

ITEM No.201

IA/580(MP)2025

in

TP 230 of 2019 [CP(IB) 192 of 2017]

Order under Section 60(5) & Reg. 36A & 36B

IN THE MATTER OF:

Union Bank of India ........Applicant

V/s

Chaya Gupta RP of JSM Devcons India Pvt Ltd ........Respondent

Coram:

Hon’ble Shri Brajendra Mani Tripathi, Member (J)

Hon’ble Shri Man Mohan Gupta Member (T)

PRONOUNCEMENT OF ORDER

Delivered on 17/07/2026

The case is fixed for pronouncement of the order.

The order is pronounced in open Court vide separate sheet.

Sd/- Sd/-

MAN MOHAN GUPTA BRAJENDRA MANI TRIPATHI

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Tomar

NCLT INDORE BENCH

IA NO. 580 OF 2025

IN

TP 230 OF 2019 [ CP(IB) 192 OF 2017]

ORDER DATED:17.07.2026

THE NATIONAL COMPANY LAW TRIBUNAL

INDORE BENCH

IA 580 of 2025

IN

TP 230 of 2019 [CP (IB) 192 of 2017]

[An application filed under Section 60(5) of the Insolvency and

Bankruptcy Code, 2016]

IN THE MATTER OF:

Union Bank of India

Through Authorized Representative

Mr. Sidhartha S. Mhade ...Applicant

Versus

Ms. Chaya Gupta

Resolution Professional of

JSM Devcons India Pvt. Ltd. ...Respondent

IN THE MAIN MATTER OF:

Daimler Financial Service Pvt. Ltd.

...Financial Creditor

Versus

JSM Devcons India Pvt. Ltd. ...Corporate Debtor

Order delivered on 17.07.2026

CORAM:

Shri Brajendra Mani Tripathi, Hon’ble Member (Judicial)

Shri Man Mohan Gupta, Hon’ble Member (Technical)

Page 2 of 16

NCLT INDORE BENCH

IA NO. 580 OF 2025

IN

TP 230 OF 2019 [ CP(IB) 192 OF 2017]

ORDER DATED:17.07.2026

APPEARANCE:

For the Applicant: Mr. Deepak Saxena, Adv.

For the Respondent: Ms. Chhaya Gupta (RP-in-Person)

JUDGEMENT

1. The present interlocutory application, IA 580 of 2025, has been

filed by the Applicant, Union Bank of India, through its authorised

representative, under Section 60(5) of the Insolvency and

Bankruptcy Code, 2016 (“the Code”), read with Sections 25(2)(h),

30 and 31 of the Code and Regulations 36A and 36B of the IBBI

(Insolvency Resolution Process for Corporate Persons) Regulations,

2016 (“CIRP Regulations”), seeking directions to the Resolution

Professional (“RP”) of the Corporate Debtor, M/s JSM Devcons

India Pvt. Ltd., to consider the Expressions of Interest submitted

beyond the stipulated last date by four entities and to set aside the

decision of the Committee of Creditors rejecting the inclusion of

the said Expressions of Interest.

2. By way of the present application, the Applicant has prayed for

the following reliefs:

(i) to set aside the decision of the Committee of Creditors

rejecting the inclusion of Expressions of Interest

submitted by the following entities solely on the ground

of delay: (a) Aranath Real Estate Private Limited; (b)

Page 3 of 16

NCLT INDORE BENCH

IA NO. 580 OF 2025

IN

TP 230 OF 2019 [ CP(IB) 192 OF 2017]

ORDER DATED:17.07.2026

Aikyam Stressed Assets Trust; (c) Permanent Multitrade

LLP; and (d) Authum Investment & Infrastructure Limited;

(ii) to direct the Resolution Professional to accept and

process the said EOIs and include the above-named

entities in the list of Prospective Resolution Applicants;

(iii) to direct the Resolution Professional to forthwith

issue to the said entities the Request for Resolution Plan,

Evaluation Matrix and Virtual Data Room access in terms

of Regulations 36A and 36B;

(iv) to direct that any resolution plans submitted by the

said entities shall be evaluated on merits and placed

before the Committee of Creditors under Section 30(3) for

its consideration;

(v) pending final disposal of the application, to direct the

Resolution Professional to maintain status quo with

respect to finalisation of Prospective Resolution

Applicants and issuance or opening of the Request for

Resolution Plan;

3. The Corporate Debtor, M/s JSM Devcons India Pvt. Ltd., was

admitted into the Corporate Insolvency Resolution Process by

order of this Tribunal dated 12 April 2019, and the present

Resolution Professional was appointed thereafter and has since

been entrusted with the statutory responsibility of conducting the

CIRP in accordance with the Code and the Regul