Sonal Sumit Mehta vs Mr Chirag R Shah & Anr. & Ors

IN THE MATTER OF: Sonal Sumit Mehta, Through Her Representative Vikas Jain (Successful Resolution Applicant in The CIRP of Krystal Stone Exports Limited) ...Appellant Versus Chirag R. Shah, Chairman of Monitoring Committee Constituted Pursuant to The Approval of Resolution Plan & Anr. ...Respondents

Present: For Appellant : Mr. Anurag Kalavatiya and Ms. Parul Singhal, Advocates.

For Respondents : Mr. Nipun Gautam, Advocate for R-1.

Mr. Abhishek Anand, Advocate for R-2.

ORDER

(Hybrid Mode)

17.07.2026 : This appeal is against an impugned order dated

01.06.2026, vide which further 45 days' time is granted to the appellant to

pay the balance resolution money subject to payment of interest @12% p.a.

on the balance amount which is yet to be paid.

2. It is the submission of the learned counsel for the appellant, the

resolution plan was accepted by the adjudicating authority on 23.02.2026,

whereby 90 days' time was given to the appellant to deposit the amount of

Rs.18,81,00,000/- and that the upfront amount of Rs.4,20,43,964/- has

been deposited by the appellant herein.

3. It is the submission of the learned counsel for the appellant the

resolution plan notes the possession has to be handed over to the appellant

on payment of the upfront amount but despite the payment of such upfront

amount, the possession of the land viz. SP-2, RIICO Industrial Area,

Kilkipura, Shivdaspura, Jaipur was never handed over to the appellant

herein till date. Reference is made by the learned counsel for the appellant

to various clauses of resolution plan viz. Clause 7 of Schedule 2,

Implementation Actions as under:

"7. Possession of assets of the corporate debtor will be handed over on payment of upfront amount however charge/NOC of the CD will be released only after the full and final payment of the approved amount of Resolution Plan."

4. Further, Clause 10 of Schedule 5 viz., Reliefs and Concessions notes

as under:

"10. Upon the successful payment of the upfront amount as specified in this Resolution Plan, the Resolution Professional shall peacefully hand over the possession of all assets and properties of the Corporate Debtor to the Resolution Applicant but the charge/ mortgage shall be released only after full payment of the resolution plan amount"

5. And also, paragraph 14 in the same Schedule is as under:

"14... The RP shall take necessary steps to vacate the leased premises and that peaceful possession of vacated premises shall be given to the SRA. And in case there is a delay in vacation then the RP shall take necessary legal action for expediting such vacation. In the course of such delay if there is any rent accrued then it shall be a pass-through amount to the Secured Financial Creditor and further if the property is not vacated upto approval of plan by the AA then any additional time period/ delay in vacation of such property after the order of the NCL T shall be excluded from the

Comp. App. (AT) (Ins.) No. 1262 of 2026 2 of 4 implementation period of the Resolution plan and the implementation schedule shall be accordingly adjusted to exclude such delay and such extension of implementation schedule shall not be construed to be a delay on part of SRA in implementing the plan."

6. It is the submission of the learned counsel for the appellant the

resolution plan makes it clear till the possession of the property is not

handed over to the appellant herein, the additional time taken for vacation

of such property has to be excluded from the implementation period of the

resolution plan and the implementation schedule shall be accordingly

adjusted to exclude such delay and such extension of implementation

schedule shall not be construed to be a delay on part of the Successful

Resolution Applicant ("SRA") in implementation of the plan.

7. It is the submission of the learned counsel for the appellant the

impugned order so far as it directs the payment of the balance amount

within 45 days of the impugned order along with 12% interest is directly in

contravention of the resolution plan stated above and as approved by the

adjudicating authority on 23.02.2026.

8. The learned counsel for the Monitoring Committee/Respondent is also

present and he agrees to the submission made by the learned counsel for

the appellant.

9. Considering the above fact, we set aside the impugned order so far as

it relate to the direction given to the appellant to deposit the balance amount

within 45 days with the interest 12% p.a. till the balance amount is

deposited. The appeal is thus allowed and it is directed the strict

Comp. App. (AT) (Ins.) No. 1262 of 2026 3 of 4 observance of the resolution plan, more specifically, to the conditions as

stated above be followed.

10. Thus if an additional time is required in vacation of the subject

property, such time shall be excluded from the implementation period of the

resolution plan and the implementation schedule shall be accordingly

adjusted to exclude such delay and such extension of implementation

schedule shall not be construed to be delay on the part of the SRA in

implementing the plan.

11. Pending applications are also disposed of.

[Justice Yogesh Khanna] Officiating Chairperson

[Barun Mitra] Member (Technical) himanshu/md

Comp. App. (AT) (Ins.) No. 1262 of 2026 4 of 4