# In the matter of Ashok Mansukhlal Kapasi and Ors. vs. Bhavi Shah, (RP) of Techno Forge Ltd. and Ors.

> NCLAT judgment dated 2026-01-05. Citation: TCN-2026-NCLAT-00022. The appeal arises from an order dated 02.02.2024 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 5 Jan 2026
- **Citation:** TCN-2026-NCLAT-00022
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ashok-mansukhlal-kapasi-and-ors-vs-bhavi-shah-55b69334

## Summary

### Background

The appeal arises from an order dated 02.02.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in I.A. No.864 of 2021 in C.P. (IB) No.264 of 2018. The appellants, including directors of the suspended board and the Chief Financial Officer of the corporate debtor, M/s Techno Forge Ltd., filed the appeal.

## Facts

M/s Techno Forge Ltd. is the corporate debtor.

The CoC consisted of two financial creditors: Bank of India (89.11% voting share) and another respondent (10.89% voting share).

The corporate debtor was registered as an MSME.

The resolution plan included a term relating to the exoneration of personal guarantors, which was opposed by Bank of India but overruled by the majority vote.

The Adjudicating Authority inserted a paragraph in the resolution plan, requiring 5% equity to be set aside for the public, which was not part of the plan approved by the CoC.

The appellants and the second respondent resolved the issue of personal guarantors amicably and filed an affidavit to that effect.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in modifying the resolution plan by inserting a clause …

**Ratio:** The resolution plan as approved by the CoC does not have a clause for reserving 5% equity

…

**Reasoning:** The insertion of the clause changes the complexion of the plan regarding the existence of

…

**Interpretation:** The Adjudicating Authority's

…

**Application:** The inserted paragraph is to be deleted from the order of the Adjudicating

…

## Parties

- **Judges:** N. Sesha…; Arun Ba…
- **Appellants:** Ashok Mansukhlal…; Vikram Ashok…; +2 more
- **Respondents:** Techno Forg…; Bhavi…; +2 more
- **Advocates:** Arjun S…; Atul Sh…; +1 more

## Timeline

- **2018-N/A — Original Appl…**: C.P. (IB) No.264 of…
- **2021-N/A — Interlocutory…**: I.A. No.864 of 2021 was…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/ashok-mansukhlal-kapasi-and-ors-vs-bhavi-shah-55b69334