# In the matter of Sylvan Commercial Private Limited vs. Nitin Daga & Ors.

> NCLAT judgment dated 2025-09-18. Citation: TCN-2025-NCLAT-00513. The appeal arises from orders passed by the Adjudicating Authority (National Company Law…

- **Court:** NCLAT
- **Order date:** 18 Sept 2025
- **Citation:** TCN-2025-NCLAT-00513
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sylvan-commercial-private-limited-vs-nitin-daga-ors-5d564862

## Summary

### Background

The appeal arises from orders passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) dismissing I.A. No. 15/KB/2024 and approving I.A. No.2/KB/2024, which upheld the rejection of claims by the Appellant and approved the resolution plan of the Corporate Debtor, Rishra Steel Limited.

## Facts

The genesis of the proceedings arises out of winding up orders issued by the Calcutta High Court in 1990 in respect of Rishra Steel Ltd.

A Single Judge Bench of the Calcutta High Court approved a revival scheme of Rishra Steel in 1997, inducting Sylvan Commercial Pvt. Ltd. as a promoter.

The revival scheme was set aside by the Division Bench of the Calcutta High Court in 1997, and the Official Liquidator took possession of the assets.

The Calcutta High Court directed Sylvan to file its claim with the OL in 2006, and the Supreme Court directed the OL to adjudicate the claim in 2019.

The OL partially admitted Sylvan's claim for Rs.57.68 lakhs in 2020, rejecting the remainder.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in approving the resolution plan without first deciding on …

**Ratio:** The NCLAT held that the Adjudicating Authority should have considered the OL's report and

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**Reasoning:** The NCLAT found that the Adjudicating Authority's reliance on the Single Bench order of

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**Interpretation:** The NCLAT interpreted the orders of the Calcutta High Court and the Supreme

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**Application:** The NCLAT applied these principles to the facts of the case, finding that the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Sylvan Commercial…
- **Respondents:** Rishra Steel…; Nitin…; +3 more
- **Advocates:** Gaurav…; Animesh…; +17 more

## Timeline

- **1990-06-04 — Winding up…**: Calcutta High Court issued winding up…
- **1997-05-02 — Revival Scheme…**: A Single Judge Bench of the Calcutta High Court approved a scheme of revival of Rishra…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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