# In the matter of Manish Bagrodia vs. Anil Kohli,

> NCLAT judgment dated 2025-10-29. Citation: TCN-2025-NCLAT-00546. The appeal arises from an order dated 16.05.2025 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 29 Oct 2025
- **Citation:** TCN-2025-NCLAT-00546
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/manish-bagrodia-vs-anil-kohli-ab5a932f

## Summary

### Background

The appeal arises from an order dated 16.05.2025 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench-I) in I.A. No. 1935 of 2024 in C.P. (IB) 291 (CHD) of 2018, dismissing an application filed by the suspended management of the Corporate Debtor, Winsome Yarns Limited, seeking access to the first set of two valuation reports.

## Facts

The Corporate Debtor, Winsome Yarns, was admitted into Corporate Insolvency Resolution Process (CIRP) on 22.12.2023.

Two valuers, M/s Gtech Valuers Pvt. Ltd. and M/s Value Edge Professionals Pvt. Ltd., were appointed to value the assets of the Corporate Debtor.

The CoC found the initial valuation reports to be high-pitched and decided to appoint two new valuers, M/s Kanassure Valuation Services Pvt. Ltd. and R&A Valuation LLP.

The Appellant requested copies of the first two valuation reports from the RP, but they were not provided.

The Adjudicating Authority dismissed IA No. 1935 of 2024, which sought directions for the RP to share the valuation reports.

…

## Issues and analysis

### Issue 1: Whether the Appellant, as an ex-Director of the Corporate Debtor, is entitled to access the initial …

**Ratio:** The right to participate under Section 24 of the IBC does not extend to deliberations

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**Reasoning:** The CoC rejected the initial valuation reports in the exercise of its commercial wisdom.

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**Interpretation:** The IBC and CIRP Regulations do not grant a legal right to access valuation

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**Application:** The Appellant's claim for access to the initial valuation reports was rejected

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Manish Ba…
- **Respondents:** Winsome Yarns…; Anil K…
- **Other parties:** Indian Overseas…
- **Advocates:** Pulkit…; Sandeep…; +5 more

## Timeline

- **2023-12-22 — CIRP Commen…**: Corporate Insolvency Resolution Process…
- **2024-05-28 — 8th CoC M…**: Two valuers presented…

## 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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