# In the matter of Bank of Maharashtra & Ors. vs. Vandana Garg & Ors.

> NCLAT judgment dated 2026-01-09. Citation: TCN-2026-NCLAT-00028. The appeals were filed against the order dated 23.12.2021 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 9 Jan 2026
- **Citation:** TCN-2026-NCLAT-00028
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/bank-of-maharashtra-ors-vs-vandana-garg-ors-5e98620b

## Summary

### Background

The appeals were filed against the order dated 23.12.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai) in IA No. 2028/2021 in CP (IB) No. 1137/MB/2017. The Appellants, Bank of Maharashtra and Central Bank of India, are secured financial creditors of Jyoti Structures Limited.

## Facts

State Bank of India filed C.P. No.1137/MB/2017 against Jyoti Structures Ltd., which was admitted by the Adjudicating Authority, Mumbai.

E-voting on the Resolution Plan by the COC was held from 26.03.2018 to 27.03.2018, with 62.66% of CoC members voting in favor, 23.12% against, and 14.21% abstaining.

The Bank of Maharashtra abstained from voting, while Central Bank of India cast a dissenting vote. IDBI Trusteeship Services, Indian Bank, and Standard Chartered Bank changed their voting from Dissenting to Assenting.

On 31.07.2018, the Adjudicating Authority, Mumbai refused to approve the Resolution Plan because the CIRP period had expired and voting could not be changed.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority has the …

**Ratio:** The Adjudicating Authority does not have the power/jurisdiction to change/modify the

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**Reasoning:** The resolution plan, once approved, is binding on all stakeholders, and the Adjudicating

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**Interpretation:** The approved resolution plan attains finality and cannot be altered except in

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**Application:** The Tribunal held that the Appellants were attempting to challenge the

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## Parties

- **Judges:** Yogesh K…; Ajai Das Me…; +1 more
- **Appellants:** Bank of Maharashtr…; Central Bank of…
- **Respondents:** Jyoti Structures…; Vandana…; +18 more
- **Advocates:** Ravi Ragh…; Rathina Maravarnan…; +7 more

## Timeline

- **2017-07-04 — Filing of CIRP…**: State Bank of India filed C.P.…
- **2018-03-26 — E-voting on Resolution…**: E-voting on the Resolution Plan by the COC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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