Mr. Surender Modi vs Mr. Ashish Singh Resolution ...

NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Comp. App. (AT) (Ins) No. 295 of 2026 & I.A. No. 1091, 1140 of 2026 IN THE MATTER OF: Surendra Modi ...Appellant(s)

Versus

Ashish Singh Resolution Professional of Vibrant ...Respondent(s) Buildwell Pvt. Ltd. & Ors. Present: For Appellant : Mr. Anirban Bhattacharya, Ms. Priyanka Bhatt, Advocates

For Respondents : Mr. Abhishek Parmar, Advocate for R1/ RP

Mr. Krishnendu Datta, Sr. Advocate with Mr. Anand M. Mishra, Advocate for R2/ SRA.

ORDER

(Hybrid Mode)

16.02.2026 I.A. No. 1140 of 2026 This is an application filed for

condonation of 14 days delay in filing the Appeal. Sufficient Cause has been

shown for condonation of 14 days delay which is within condonable period.

Delay condoned.

I.A. No. 1091 of 2026 Appellant in this Application is praying for condonation

of 43 days delay in refiling the Appeal. Appellant has also given sufficient

explanation for condonation of delay in refiling the Appeal.

Delay condoned.

Comp. App. (AT) (Ins) No. 295 of 2026 This Appeal has been filed against

the order passed by the Adjudicating Authority dated 04/11/2025 by dismissing

I.A/5458/2022, the Appellant has challenged the consequential order passed by

National Company Law Tribunal, New Delhi Bench, Court IV dated 04/11/2025.

In the Plan Approval Application. The Appellant has filed a claim in the Corporate Insolvency Resolution Plan, which came to be rejected against which order,

Appellant has also filed an Application before the Adjudicating Authority which

remained pending.

2. The Resolution Plan, in the meanwhile, was approved by the Adjudicating

Authority on 25/10/2025 against which order, the Appellant filed an Appeal in

the Hon'ble Supreme Court. Stating that Application of the Appellant, objecting

to rejection, claim is still pending. Hon'ble Supreme Court, in the said Appeal

has passed an order on 20/12/2024 in Civil Appeal No. 54919/2024, which

order is as follows .

ORDER "Application seeking permission to file the Appeal is allowed. Issue notice, returnable on 3rd February, 2025. In the meanwhile, the final order shall not be passed by the National Company Law Tribunal (for short, "the NCLT") in terms of paragraph 31 of the impugned judgment. The NCLT will proceed to decide IA No.3020/2022 in accordance with law. We make it clear that as and when the application is decided, the limited interim relief granted by us will stand vacated without further reference to the Court."

3. Subsequent to the order of the Hon'ble Supreme Court, the Adjudicating

Authority considered the Application filed by the Appellant in I.A. No 3020/ 2022

by order dated 23/09/2025 against which order, Comp. App. (AT) (Ins) No. 1734

of 2025 has also been dismissed by order of this Tribunal dated 10/12/2025

and it was after the order dated 10/12/2025 that Adjudicating Authority has

passed the consequential order dated 04/11/2025. The claim of the Appellant

having been rejected, which has been affirmed by this Tribunal, we see no 2 of 3 ground at the instance of the Appellant to challenge the Plan Approval order

dated 04/11/2025.

4. Adjudicating Authority, in the impugned order has considered all aspects

of the matter and having been satisfied that Plan is in compliance of Section

30(2) of IBC has approved the Plan.

5. We thus do not find any merit in the Appeal.

6. Appeal Dismissed.

7. Ld. Counsel for the SRA submits that Plan has already been implemented.

[Justice Ashok Bhushan] Chairperson

[Indevar Pandey] Member (Technical) Prerana/md

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