# In the matter of Ram Prasad Agarwala Suspended Director of Fairdeal Supplies Ltd. vs. Bijay Murmuria, RP & Ors.

> NCLAT judgment dated 2026-04-29. Citation: TCN-2026-NCLAT-00152. The Appellant, Ram Prasad Agarwala, a suspended Director of the Corporate Debtor (Fairdeal…

- **Court:** NCLAT
- **Order date:** 29 Apr 2026
- **Citation:** TCN-2026-NCLAT-00152
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ram-prasad-agarwala-suspended-director-of-fairdeal-supplies-ltd-vs-bijay-murmuri-a1bd4783

## Summary

### Background

The Appellant, Ram Prasad Agarwala, a suspended Director of the Corporate Debtor (Fairdeal Supplies Ltd.), challenged an order dated 18/03/2026 passed by the Adjudicating Authority. This order allowed I.A. 362/2026, filed by Respondent No. 5, which sought to set aside the Resolution Professional's rejection of Respondent No. 5's Expression of Interest (EOI) and to allow Respondent No. 5 to participate in the Corporate Insolvency Resolution Process (CIRP) as a Prospective Resolution Applicant (PRA). The Adjudicating Authority had condoned the delay in submission of the Letter of Intent (LOI) and directed the completion of the process by 03.04.2026.

## Facts

The Appellant, Ram Prasad Agarwala, is a suspended Director of the Corporate Debtor, Fairdeal Supplies Ltd.

The Appeal challenges an order dated 18/03/2026, by which I.A. 362/2026 filed by Respondent No. 5 was allowed by the Adjudicating Authority.

Respondent No. 5's application sought to set aside the Resolution Professional's rejection email dated 15/03/2026 and allow participation in the Corporate Insolvency Resolution Process (CIRP) as a Prospective Resolution Applicant (PRA).

The Adjudicating Authority's order condoned the delay in submission of the Letter of Intent (LOI) and subsequent Resolution Plan by Respondent No. 5, setting a deadline of 03.04.2026 for completion of the process.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in condoning the delay in submission of Expression …

**Ratio:** The Adjudicating Authority cannot condone delay in submission of Expression of Interest

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**Reasoning:** Regulation 39(1)(b) of the CIRP Regulations, 2016 explicitly states that the Committee of

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**Interpretation:** The regulations governing the CIRP, particularly those concerning the

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**Application:** In the present case, Respondent No. 5 was admittedly not included in either the

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## Parties

- **Judges:** Ashok Bh…; Indevar P…
- **Appellants:** Ram Prasad…
- **Respondents:** Fairdeal Supplies…; Bijay Murmuria…; +5 more
- **Other parties:** CoC…; Bijay Mur…; +1 more
- **Advocates:** Gaurav…; Rahul Kumar…; +7 more

## Timeline

- **2025-11-17 — Last Date for EOI…**: Last date for submission of Expression…
- **2025-11-19 — Provisional Lis…**: Date of provisional list of…

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