# In the matter of G. Madhusudhan Rao vs. Bheema Cements Limited & Ors.

> NCLAT judgment dated 2026-03-18. Citation: TCN-2026-NCLAT-00108. The Ex-Resolution Professional of M/s. Bheema Cements Limited questioned the NCLT Hyderabad…

- **Court:** NCLAT
- **Order date:** 18 Mar 2026
- **Citation:** TCN-2026-NCLAT-00108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/g-madhusudhan-rao-vs-bheema-cements-limited-ors-3e9c4884

## Summary

### Background

The Ex-Resolution Professional of M/s. Bheema Cements Limited questioned the NCLT Hyderabad Bench's order dated 05.02.2026, which rejected IA No. 252/2026, seeking restoration and revival of the CIRP process.

## Facts

The Corporate Debtor was placed under CIRP by order dated 09.07.2018.

The Resolution Plan submitted by Respondent No. 2 was approved by 99.53% of voting in the CoC on 11.02.2020, amounting to Rs. 212,23,00,000.

Respondent No.2 (Successful Resolution Applicant) failed to enforce the Resolution Plan.

A liquidation process was initiated under Section 33 of the I & B Code, with IA No. 15/2024 preferred on 01.04.2024.

The Appellant/Applicant initially withdrew the liquidation application due to a revised payment schedule but later filed a Restoration Application No.1/2025.

The Appellant filed IA No. 252/2026 seeking restoration and revival of the CIRP and his reappointment as Resolution Professional.

…

## Issues and analysis

### Issue 1: Whether the CIRP process can be revived after the approval of the Resolution Plan and initiation of …

**Ratio:** The CIRP process cannot be revived de novo after the approval of the Resolution Plan and

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**Reasoning:** The CIRP process has matured and reached the closure of the Resolution Plan, resulting in

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**Interpretation:** Once the CIRP has culminated and liquidation proceedings have been initiated,

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**Application:** The Appellant's attempt to restore the CIRP is not permissible as the process

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## Parties

- **Judges:** Sharad Kumar…; Indevar P…
- **Appellants:** G. Madhusud…
- **Respondents:** Bheema Cements…
- **Advocates:** Sankaranar…; Murtaza Kac…

## Timeline

- **2018-07-09 — CIRP Init…**: Corporate Debtor was…
- **2020-02-11 — Resolution Plan…**: Resolution Plan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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