# In the matter of Pankaj Mahajan vs. Edelweiss Asset Reconstruction Asset Company and Ors.

> NCLAT judgment dated 2025-11-07. Citation: TCN-2025-NCLAT-00564. The appeal challenges the Adjudicating Authority's order dated 16.07.2025, which pertains to…

- **Court:** NCLAT
- **Order date:** 7 Nov 2025
- **Citation:** TCN-2025-NCLAT-00564
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pankaj-mahajan-vs-edelweiss-asset-reconstruction-asset-company-and-ors-3fc6bc46

## Summary

### Background

The appeal challenges the Adjudicating Authority's order dated 16.07.2025, which pertains to the sale of non-core assets of Arshiya Limited. The Resolution Professional filed the appeal against the order passed in IA No. 1927 of 2025 arising out of CP(IB) No. 3143/MB/2019.

## Facts

Arshiya Limited was admitted into corporate insolvency resolution process on 23 April 2024.

The Corporate Debtor has non-core land assets in Khurja admeasuring 42.08 acres.

The land parcels are partly mortgaged in favor of Edelweiss Asset Reconstruction Company Limited and SREI Equipment Finance Limited.

NCR Rail and ANFL are undergoing CIRP and have resolution plans pending approval.

The CoC approved a resolution for the two-part sale of the land parcels with 85.46% voting in favor.

The Adjudicating Authority directed the RPs of NCR Rail and ANFL to invite independent bids for the land parcels.

The Intervenor, Mr. Ajay Mittal, is the erstwhile Director of the Corporate Debtor and has filed an application seeking various reliefs.

## Issues and analysis

### Issue 1: Whether the manner of sale is a commercial decision …

**Ratio:** The CoC's decision on matters of commercial wisdom is impermissible for judicial review,

…

**Reasoning:** The CoC approved the Subject Transaction after detailed deliberations, considering the

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**Interpretation:** The Adjudicating Authority cannot re-appraise commercial decisions made by the

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**Application:** The Impugned Order was set aside for speculating for ‘better' price discovery

…

## Parties

- **Judges:** Ashok Bh…; Arun Ba…
- **Appellants:** Pankaj Ma…; Bhuvan…
- **Respondents:** Arshiya L…; Edelweiss Asset…; +12 more
- **Other parties:** Ajay Mi…
- **Advocates:** Abhijeet…; Ayush R…; +21 more

## Timeline

- **2025-07-16 — Impugned…**: Order passed by the National Company Law Tribunal, Mumbai Bench in IA No. 1927 of 2025…
- **2024-04-23 — Admission in…**: Arshiya Limited was admitted into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 24 — Meeting of committee of creditors](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-24)

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