# In the matter of Malharshanti Enterprise vs. Naresh Sevantilal Shah & Ors.

> NCLAT judgment dated 2026-03-20. Citation: TCN-2026-NCLAT-00065. Malharshanti Enterprises filed an appeal against the order of the National Company Law…

- **Court:** NCLAT
- **Order date:** 20 Mar 2026
- **Citation:** TCN-2026-NCLAT-00065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/malharshanti-enterprise-vs-naresh-sevantilal-shah-ors-a995021e

## Summary

### Background

Malharshanti Enterprises filed an appeal against the order of the National Company Law Tribunal (NCLT), Ahmedabad Bench, which approved a resolution plan submitted by Mr. Naresh Sevantilal Shah for Afcan Impex Private Limited. The appellant argued that Mr. Shah was ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC) due to his association with CAN Enterprises Pvt. Ltd., a company undergoing CIRP.

## Facts

CIRP against Afcan Impex Private Limited was initiated based on a Section 7 petition filed by the Bank of Maharashtra.

Mr. Nitin Narang was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) for Afcan Impex Private Limited.

The Committee of Creditors (CoC) of Afcan Impex Private Limited consisted of a sole Financial Creditor, the Bank of Maharashtra.

The CoC approved the resolution plan submitted by Mr. Naresh Sevantilal Shah with 100% voting share.

Mr. Naresh Sevantilal Shah was a promoter/director of CAN Enterprises Private Limited, which was undergoing CIRP before NCLT Mumbai.

Malharshanti Enterprises, the appellant, is an Operational Creditor in the CIRP of CAN Enterprises Private Limited.

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## Issues and analysis

### Issue 1: Whether the appellant has locus to maintain the present Appeal challenging the order dated …

**Ratio:** Section 61 of the Insolvency and Bankruptcy Code confers the right to appeal only on a

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**Reasoning:** The appellant is an Operational Creditor in the CIRP of CAN Enterprises Pvt. Ltd., which

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**Interpretation:** The tribunal interpreted the term 'person aggrieved' in the context of the IBC,

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**Application:** The tribunal found that the appellant's grievance was not a direct grievance

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## Parties

- **Judges:** Indevar P…; Ashok Bh…
- **Appellants:** Malharshanti…
- **Respondents:** Afcan Impex…; CAN Enterprises…; +2 more
- **Other parties:** Bank of Maharashtr…; M/s Paton…; +1 more
- **Advocates:** Anshuj Dh…; Akansha S…; +2 more

## Timeline

- **2025-09-30 — Impugned…**: Order passed by the Ld. NCLT, Ahmedabad in IA No. 766 (AHM) 2021 approving the Resolution…
- **2021-02-17 — CIRP Init…**: Ld. NCLT, Ahmedabad Bench admitted…

## 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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