# In the matter of Exclusive Capital Ltd. vs. Girish Sriram Juneja (RP) and Ors.

> NCLAT judgment dated 2025-12-22. Citation: TCN-2025-NCLAT-00628. The case involves an appeal against an order passed by the NCLT, Kolkata Bench, approving a…

- **Court:** NCLAT
- **Order date:** 22 Dec 2025
- **Citation:** TCN-2025-NCLAT-00628
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/exclusive-capital-ltd-vs-girish-sriram-juneja-b84e8bd8

## Summary

### Background

The case involves an appeal against an order passed by the NCLT, Kolkata Bench, approving a resolution plan submitted by Independent Sugar Corporation Ltd. The appellant, Exclusive Capital Ltd., filed an application (I.A. No. 7753 of 2025) seeking clarification regarding the impact of the pending appeal on an application for shifting the registered office of the Corporate Debtor, Hindusthan National Gas & Industries Ltd.

## Facts

Exclusive Capital Ltd. filed an appeal against the NCLT order approving the resolution plan of Hindusthan National Gas & Industries Ltd.

Independent Sugar Corporation Ltd. submitted the resolution plan that was approved by NCLT Kolkata Bench on 14.08.2025.

The appellant filed an application (I.A. No. 7753 of 2025) seeking clarification on the impact of the pending appeal on the application for shifting the registered office of the Corporate Debtor.

The Regional Director received an application for shifting the registered office of the Corporate Debtor from Kolkata to Maharashtra.

The appellant argued that the shifting of the registered office should not be allowed due to the pending appeal, citing Companies (Incorporation) Rule, 2014, Rule 30, sub-rule (9).

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## Issues and analysis

### Issue 1: Whether the pendency of an appeal against the approval of a resolution plan bars the shifting of …

**Ratio:** The NCLAT clarified that the pendency of the appeal does not automatically bar the

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**Reasoning:** The NCLAT relied on the fact that the Regional Director is a Statutory Authority with the

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**Interpretation:** The NCLAT interpreted Companies (Incorporation) Rule, 2014, Rule 30, sub-rule

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**Application:** The NCLAT applied this interpretation to the present case, clarifying that the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Exclusive Capital…; Abhimanyu B…; +3 more
- **Respondents:** Hindusthan…; Hindusthan…; +1 more
- **Other parties:** Jaiveer…
- **Advocates:** Abhimanyu B…; Utsav Tr…; +25 more

## Timeline

- **2025-08-14 — NCLT Ord…**: NCLT, Kolkata Bench approved the Resolution Plan submitted by Independent Sugar…
- **2025-11-12 — Email from Regional…**: Regional Director sent an email regarding the application for shifting of registered…

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