The appeal challenges the order dated 30.10.2025 passed by the adjudicating authority (National Company Law Tribunal, Division Bench, Court I, Ahmedabad) in I.A.370/AHM/2025 in C.P. (IB) No. 175/9/AHM/2018, which allowed I.A. 370/AHM/2025 filed by Swastik Ceracon Limited and directed the appellant to refund ₹56,00,000/- with 10% interest.
Swastik Ceracon Limited was subjected to CIRP by order dated 15.01.2019.
Mehsana Urban Co – Operative Bank Ltd. filed a claim in Form-C for ₹10,43,45,631/-.
The resolution plan for Swastik Ceracon Limited was approved on 20.06.2022.
The appellant was proposed an amount of more than ₹5,00,00,000/- under the resolution plan against the admitted claim.
The SRA filed I.A.370/AHM/2025 seeking a refund of ₹56,00,000/- adjusted by the appellant.
The appellant had adjusted dividends and the value of shares during the CIRP period and after the approval of the resolution plan.
The appellant was allocated voting share of 8.9% in the Committee of Creditors (CoC).
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Order passed by the Adjudicating Authority…
Corporate Insolvency…
The appeal challenges the order dated 30.10.2025 passed by the adjudicating authority (National Company Law Tribunal, Division Bench, Court I, Ahmedabad) in I.A.370/AHM/2025 in C.P. (IB) No. 175/9/AHM/2018, which allowed I.A. 370/AHM/2025 filed by Swastik Ceracon Limited and directed the appellant to refund ₹56,00,000/- with 10% interest.
Swastik Ceracon Limited was subjected to CIRP by order dated 15.01.2019.
Mehsana Urban Co – Operative Bank Ltd. filed a claim in Form-C for ₹10,43,45,631/-.
The resolution plan for Swastik Ceracon Limited was approved on 20.06.2022.
The appellant was proposed an amount of more than ₹5,00,00,000/- under the resolution plan against the admitted claim.
The SRA filed I.A.370/AHM/2025 seeking a refund of ₹56,00,000/- adjusted by the appellant.
The appellant had adjusted dividends and the value of shares during the CIRP period and after the approval of the resolution plan.
The appellant was allocated voting share of 8.9% in the Committee of Creditors (CoC).
…Order passed by the Adjudicating Authority…
Corporate Insolvency…