# Mr. Sandeep Lucky, SRA & Anr. vs. Sh. Rajeev Lochan, RP & Ors.

> NCLAT judgment dated 24 Apr 2026. Citation: TCN-2026-NCLAT-00129. This appeal challenges an order from the National Company Law Tribunal (NCLT), Mumbai Bench,…

- **Court:** NCLAT
- **Order date:** 24 Apr 2026
- **Citation:** TCN-2026-NCLAT-00129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mr-sandeep-lucky-sra-anr-vs-sh-rajeev-lochan-rp-ors-41164c0a

## Summary

### Background

This appeal challenges an order from the National Company Law Tribunal (NCLT), Mumbai Bench, which rejected a Resolution Plan. The rejected plan was submitted by the Appellant/Successful Resolution Applicant (SRA), Mr. Sandeep Lucky, and had been approved by the Committee of Creditors (CoC) with a 100% voting share. The NCLT's order also removed the existing Resolution Professional (RP) and directed a re-run of the Corporate Insolvency Resolution Process (CIRP), mandating its completion within 120 days, failing which the Corporate Debtor would be deemed liquidated. A related appeal by Mr. Parminder Singh Bhullar, Erstwhile RP, sought to set aside adverse remarks made against him in the impugned NCLT order.

## Facts

The NCLT Mumbai Bench rejected a Resolution Plan submitted by Mr. Sandeep Lucky, the Successful Resolution Applicant (SRA).

The Resolution Plan had been approved by the Committee of Creditors (CoC) with a 100% voting share.

The NCLT order removed the Resolution Professional and directed a re-run of the Corporate Insolvency Resolution Process (CIRP) within 120 days, failing which the Corporate Debtor would be liquidated.

The Resolution Plan value was significantly less than the liquidation value, resulting in a 'huge reduction of haircut of 90%' for financial creditors.

The erstwhile RP failed to show due diligence and filed avoidance applications (under Sections 43 and 66 of IBC) only after the Resolution Plan was approved by the CoC.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in rejecting the Resolution Plan due to its value …

**Ratio:** While a resolution plan's value being less than liquidation value may not be the sole

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**Reasoning:** The NCLT observed that the Resolution Plan's value was only 10% of the liquidation value,

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**Interpretation:** The court interprets the commercial wisdom of the CoC as not absolute, allowing

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**Application:** The NCLAT upheld the NCLT's rejection of the Resolution Plan because it

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## Parties

- **Judges:** Mohd. Faiz Alam…; Arun Ba…
- **Appellants:** Sandeep…; SRA…; +2 more
- **Respondents:** Ritzy Chemicals…; Rajeev L…; +2 more
- **Other parties:** Corporate…; Resolutio…; +11 more
- **Advocates:** Yellop…; Shivam G…; +2 more

## Timeline

- **N/A — Formation of opinion on…**: As per Regulation 35A(1) of CIRP Regulations, RP shall form an opinion whether CD has…
- **N/A — Determination on…**: As per Regulation 35A(2) of CIRP Regulations, RP shall make a determination on such…

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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-sandeep-lucky-sra-anr-vs-sh-rajeev-lochan-rp-ors-41164c0a