Phoenix ARC Limited, acting as a Financial Creditor, appealed an order from the National Company Law Tribunal (NCLT), Mumbai Bench, dated 23.07.2026. This Impugned Order rejected the Financial Creditor's application under Section 33(1A) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the restoration of the Corporate Insolvency Resolution Process (CIRP) and instead directed the liquidation of the Corporate Debtor, Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Private Limited. The Committee of Creditors (CoC) had unanimously (100% voting share) resolved to seek restoration of the CIRP and rejected liquidation, believing a further resolution process was commercially viable. The NCLT's decision was primarily based on the reasoning that the Corporate Debtor's
…The appeal is filed by Phoenix ARC Limited, a Financial Creditor, against an NCLT order dated 23.07.2026.
The NCLT order rejected an application under Section 33(1A) of the IBC for restoration of CIRP and directed liquidation of the Corporate Debtor.
The Corporate Debtor is Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Private Limited.
Rajesh Jhunjhunwala is the erstwhile Resolution Professional (R-1) of the Corporate Debtor.
Mr. Shailesh Pranlal Bhuta is the Liquidator of the Corporate Debtor (R-2).
The Committee of Creditors (CoC) had unanimously (100% voting share) resolved to seek restoration of the CIRP and rejected liquidation.
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The Corporate…
The original Form G was…
Phoenix ARC Limited, acting as a Financial Creditor, appealed an order from the National Company Law Tribunal (NCLT), Mumbai Bench, dated 23.07.2026. This Impugned Order rejected the Financial Creditor's application under Section 33(1A) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the restoration of the Corporate Insolvency Resolution Process (CIRP) and instead directed the liquidation of the Corporate Debtor, Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Private Limited. The Committee of Creditors (CoC) had unanimously (100% voting share) resolved to seek restoration of the CIRP and rejected liquidation, believing a further resolution process was commercially viable. The NCLT's decision was primarily based on the reasoning that the Corporate Debtor's
…The appeal is filed by Phoenix ARC Limited, a Financial Creditor, against an NCLT order dated 23.07.2026.
The NCLT order rejected an application under Section 33(1A) of the IBC for restoration of CIRP and directed liquidation of the Corporate Debtor.
The Corporate Debtor is Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Private Limited.
Rajesh Jhunjhunwala is the erstwhile Resolution Professional (R-1) of the Corporate Debtor.
Mr. Shailesh Pranlal Bhuta is the Liquidator of the Corporate Debtor (R-2).
The Committee of Creditors (CoC) had unanimously (100% voting share) resolved to seek restoration of the CIRP and rejected liquidation.
…The Corporate…
The original Form G was…