# Mr. Nimai Gautam Shah vs. Raj Radhe Finance Ltd.

> NCLAT judgment dated 21 Apr 2026. Citation: TCN-2026-NCLAT-00127. The appeals arise from an order of the Adjudicating Authority (NCLT-I, Ahmedabad) that…

- **Court:** NCLAT
- **Order date:** 21 Apr 2026
- **Citation:** TCN-2026-NCLAT-00127
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mr-nimai-gautam-shah-vs-raj-radhe-finance-ltd-1a1fc096

## Summary

### Background

The appeals arise from an order of the Adjudicating Authority (NCLT-I, Ahmedabad) that rejected a resolution plan approved by the Committee of Creditors (CoC). The Corporate Debtor (CD), M/s Zep Infratech Ltd., underwent a Corporate Insolvency Resolution Process (CIRP). The CoC, Resolution Professional (RP), and Successful Resolution Applicant (SRA) were unhappy with the Adjudicating Authority's decision to reject the resolution plan and order liquidation.

## Facts

M/s Zep Infratech Ltd. (CD) underwent a CIRP process.

The CoC approved a resolution plan, but the Adjudicating Authority rejected it.

The RP, CoC, and SRA were aggrieved by the Adjudicating Authority's decision.

The CD was a MSME and provided a corporate guarantee for a loan.

Raj Radhe Finance Ltd. advanced the loan to M/s Shree Ram Cottex Industries Pvt. Ltd.

The financial creditor filed a petition under Sec.7 after the principal borrower defaulted.

The Adjudicating Authority admitted the petition and CIRP commenced.

An Interim Resolution Professional (IRP) was appointed.

The IRP formed a two-member CoC.

The CoC consisted of Raj Radhe Finance Ltd. and Rajendra M. Thakkar (Ravasia) & Sons Pvt., Ltd.

There were three unsecured operational creditors.

…

## Issues and analysis

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

**Ratio:** The commercial wisdom of the CoC is given primacy in CIRP, representing a collective

…

**Reasoning:** While the CoC's decision is generally not subject to judicial scrutiny, it must be

…

**Interpretation:** The Adjudicating Authority can intervene if the commercial wisdom is exercised

…

**Application:** In this case, the Adjudicating Authority found that the CoC's decision was

…

## Parties

- **Judges:** N. Sesha…; Arun Ba…
- **Appellants:** Nimai Gauta…; Raj Radhe Finance…; +3 more
- **Respondents:** M/s. Zep Infratech…; Nandish Sunilbhai…
- **Other parties:** Corporate…; Resolutio…; +8 more

## Timeline

- **2023-06-23 — Order by Adjudicating…**: The Adjudicating Authority (NCLT-I, Ahmedabad) passed an order rejecting a resolution…
- **2024-01-16 — Adjudicating Authority…**: The Adjudicating Authority required the RP to…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/mr-nimai-gautam-shah-vs-raj-radhe-finance-ltd-1a1fc096