# In the matter of Vishal Ganpat Shinde & Ors, vs, Union of India, Through the MCA & Ors.

> HC judgment dated 2026-03-26. Citation: TCN-2026-HC-00006. Two writ petitions were filed challenging an order passed by the National Company Law Tribunal…

- **Court:** HC
- **Order date:** 26 Mar 2026
- **Citation:** TCN-2026-HC-00006
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/bombay-high-court-panaji/vishal-ganpat-shinde-ors-vs-union-of-india-through-the-mca-ors-541d86f8

## Summary

### Background

Two writ petitions were filed challenging an order passed by the National Company Law Tribunal (NCLT), Mumbai, regarding the withdrawal of the Corporate Insolvency Resolution Process (CIRP) for Gokul Sugar Industries Limited. One petition was filed by a suspended director of the corporate debtor, and the other by a financial creditor, M/s. Mohandas Chhataram.

## Facts

CIRP was initiated against Gokul Sugar Industries Limited at the behest of M/s. Mohandas Chhataram in May 2024.

The NCLT admitted the corporate debtor into CIRP on 27.06.2024 and appointed an IRP.

Vishal Ganpat Shinde, the suspended director of the corporate debtor, filed an appeal before the NCLAT.

The NCLAT disposed of the appeal on 24.01.2025, granting time to the suspended director to file an application under Section 12-A of the IBC and allowing intervention by banks/financial creditors.

The suspended director did not file an application under Section 12-A.

M/s. Mohandas Chhataram submitted Form FA to the IRP for filing an application for withdrawal of CIRP.

The IRP filed an application under Section 12-A before the NCLT for withdrawal of CIRP.

…

## Issues and analysis

### Issue 1: Whether the NCLT violated principles of …

**Ratio:** The NCLT did not violate

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**Reasoning:** The IRP was heard, and the NCLT considered all relevant factors. The suspended director

…

**Interpretation:** The requirement of satisfying the principles of natural justice has to be

…

**Application:** The NCLT's decision was upheld because the IRP, representing the corporate

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## Parties

- **Judges:** MANISH P…; SHREERAM V.…
- **Appellants:** Vishal Ganpat…; M/s. Mohandas…
- **Respondents:** Gokul Sugar…; Union of…
- **Other parties:** Kalabu…; Union Bank of…; +3 more
- **Advocates:** Ashish…; Anukul…; +21 more

## Timeline

- **2024-05-N/A — CIRP Init…**: CIRP initiated against Gokul Sugar Industries Limited at the behest of M/s. Mohandas…
- **2024-06-27 — Admission in…**: NCLT admitted the corporate debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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