# Axis Bank Ltd. vs. M/s. Chintamani's Jewellery Arcade Private Limited & Anr.

> NCLAT judgment dated 2026-06-30. Citation: TCN-2026-NCLAT-00214. Axis Bank Ltd. (Financial Creditor) initiated Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLAT
- **Order date:** 30 Jun 2026
- **Citation:** TCN-2026-NCLAT-00214
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/axis-bank-ltd-vs-ms-chintamanis-jewellery-arcade-private-limited-anr-a02vf

## Summary

### Background

Axis Bank Ltd. (Financial Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Chintamani's Jewellery Arcade Private Limited (Corporate Debtor) due to payment defaults, which was admitted by the NCLT. Mr. Chintamani Kaigaonkar, a Suspended Director, appealed this order to the NCLAT. During the appeal, the parties reached a settlement, executing Consent Terms on April 27, 2024. Based on these terms, the NCLAT set aside the CIRP admission order and disposed of the appeal on May 9, 2024, explicitly granting the Financial Creditor liberty to revive the appeal upon any default.

## Facts

Axis Bank Ltd. (Financial Creditor) extended credit facilities to M/s. Chintamani's Jewellery Arcade Private Limited (Corporate Debtor), which defaulted on payments.

On April 28, 2023, Axis Bank Ltd. filed an application under Section 7 of the IBC, 2016, to initiate CIRP against the Corporate Debtor before the NCLT, Mumbai.

The NCLT, Mumbai, admitted the Section 7 petition on February 23, 2024, and appointed Mr. Prashant Jain as the Interim Resolution Professional (IRP).

Mr. Chintamani Arun Kaigaonkar, Suspended Director of the Corporate Debtor, appealed the NCLT's admission order to the NCLAT (Company Appeal (AT) (Insolvency) No. 463 of 2024).

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## Issues and analysis

### Issue 1: Whether the Applicant has made out a case for restoration of Company Appeal (AT) (Ins.) No. 463 of …

**Ratio:** The NCLAT held that a material and undisputed breach of court-recorded Consent Terms,

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**Reasoning:** The Tribunal found that the Respondents had committed a substantial and continuing breach

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**Interpretation:** The NCLAT interpreted its previous order dated May 9, 2024, as granting a

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**Application:** Applying this interpretation, the Tribunal concluded that the Respondents'

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## Parties

- **Judges:** N. Sesha…; Arun Ba…; +1 more
- **Appellants:** Axis Ban…
- **Respondents:** M/s. Chintamani's…; Chintamani…
- **Other parties:** Chintamani Arun…; Prashant…
- **Advocates:** Bandana Kaur…; Akash Chat…; +3 more

## Timeline

- **2023-04-28 — CIRP Applicati…**: Axis Bank Ltd. (Financial Creditor) filed an application under Section 7 of the IBC,…
- **2024-02-23 — CIRP Admissio…**: The NCLT, Mumbai, admitted the Section 7 petition and appointed Mr. Prashant Jain as the…

## 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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