Abhay Jain Director And Promoter vs Rkg Finvest Limited & Ors

IN THE MATTER OF: Abhay Jain Successful Resolution Applicant of Beans & More Hospitality Private Limited ...Appellant Versus RKG Finvest Ltd. & Ors. ...Respondents

Present: For Appellant : Ms. Swarnika Aggarwal, Advocate.

For Respondents : Mr. Rakesh Kumar, Ms. Preeti Kashyap, Mr. Ankit Sharma, Mr. Sahil Chawla and Mr. Pulkit Mehratia, Advocates.

ORDER

(Hybrid Mode)

13.03.2026 : I.A. No. 1165/2026

1. This is an application praying for condonation of refiling of the appeal.

2. We find sufficient cause shown in the application for condonation of

refiling delay.

3. Learned counsel for the respondent submits that he has no objection

to the refiling delay.

Refiling delay is allowed.

Comp. App. (AT) (Ins.) No. 325/2026

1. Heard learned counsel for the appellant as well as learned counsel for

the respondent.

2. This appeal has been filed against an order dated 19.08.2025, by which

I.A., appellant has prayed for rectification/clarification of the order dated

12.06.2025. By order dated 12.06.2025, adjudicating authority has passed

an order, where directions was granted, by which I.A. Liquidation 7/2024 was

disposed of in the terms of the order. Under the said order, time frame was

fixed for payment and directions were issued in paragraph xiv, which

directions are as follows:

"xiv. In light of the above discussion the following directions are issued :

a. The SRA shall allocate and disburse the requisite amounts for payment to the Applicants/Financial Creditors as per the approved Resolution Plan within four (4) weeks from the date of this order. b. The SRA and the Monitoring Committee shall submit a compliance Affidavit before this Adjudicating Authority within six (6) weeks regarding the allocation and disbursal of funds along with details of payments made to the Applicants/Financial Creditors as per the approved Resolution Plan.

c. Itis hereby also directed that in the event the SRA fails to implement the approved Resolution Plan, including but not limited to meeting its financial obligations towards the creditors as stipulated in the Resolution Plan, such non-compliance shall be construed as a material breach of the Resolution Plan and appropriate proceedings under the Insolvency and Bankruptcy Code, 2016, shall be initiated."

3. The application has been filed by the Successful Resolution Applicant

(SRA) which has been rejected by the adjudicating authority. The

adjudicating authority noticed the observations made in the order 12.06.2025

and observed that the very same contentions are now been raised in the

application, which were already dealt in the order dated 12.06.2025.

Comp. App. (AT) (Ins.) No. 325 of 2026 & I.A. No.1165 of 2026 2 of 3

4. Learned counsel for the appellant submitted that appellant required the

Loan Agreement from the financial creditor, when the said arguments were

not accepted in the order dated 12.06.2025 there was no occasion to file any

rectification application.

5. The application filed for rectification or clarification of the said order

was wholly misconceived and has rightly been dismissed.

The appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) himanshu/md

Comp. App. (AT) (Ins.) No. 325 of 2026 & I.A. No.1165 of 2026 3 of 3