# Vinay Gupta & Anr. vs. M/s Oswal Minerals Limited & Ors.

> NCLAT judgment dated 2026-08-21. Citation: TCN-2026-NCLAT-00259. Two appeals were filed by Vinay Gupta and Niharika Goel, both suspended directors of M/s…

- **Court:** NCLAT
- **Order date:** 21 Aug 2026
- **Citation:** TCN-2026-NCLAT-00259
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vinay-gupta-anr-vs-ms-oswal-minerals-limited-ors-lxkxj

## Summary

### Background

Two appeals were filed by Vinay Gupta and Niharika Goel, both suspended directors of M/s Satellite Cables Pvt. Ltd. (Corporate Debtor), challenging an NCLT order dated 23.04.2024. This order approved the Resolution Plan submitted by M/s Suraj Garg, the Successful Resolution Applicant. The appellants raised multiple grounds, including alleged violation of natural justice due to non-supply of the resolution plan, ineligibility of the Resolution Applicant (a practising Chartered Accountant), the existence of a One Time Settlement (OTS) proposal, approval of a lower bid by the Committee of Creditors (CoC), non-provision for government dues, and material irregularities in the Resolution Professional's (RP) conduct.

## Facts

The NCLT, New Delhi, Court-III, passed an Impugned Order dated 23.04.2024, approving the Resolution Plan of M/s Suraj Garg for M/s Satellite Cables Private Limited.

Vinay Gupta (Appellant in CA(AT)(Ins) No. 1038/2024), a suspended director, contended he was not given an opportunity to peruse the resolution plan or file objections.

M/s Oswal Minerals Limited filed an application under Section 9 of the Code against M/s Satellite Cables Private Limited (Corporate Debtor).

The Section 9 application was admitted by the NCLT by order dated 03.01.2023, initiating CIRP.

The resolution plan submitted by M/s Suraj Garg was approved by the Committee of Creditors (CoC) in its 11th meeting dated 06.12.2023 with 100% voting share.

…

## Issues and analysis

### Issue 1: Whether the approval of the Resolution Plan is liable to be set aside on the ground that the …

**Ratio:** Suspended directors, as non-voting members of the CoC under Section 24(3)(b) IBC, are

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**Reasoning:** The appellants were aware of the CIRP proceedings and received CoC meeting minutes. The

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**Interpretation:** Section 24(3)(b) IBC ensures suspended directors' participation. However, a

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**Application:** The alleged procedural irregularity of non-supply of the resolution plan did

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## Parties

- **Judges:** Mohammad Faiz…; Arun Ba…
- **Appellants:** Vinay G…; Niharika…; +3 more
- **Respondents:** M/s Satellite…; M/s Oswal…; +3 more
- **Other parties:** Committee of…; Vivek R…
- **Advocates:** Pankaj…; Yaksh…; +16 more

## Timeline

- **2023-01-03 — CIRP Init…**: Application under Section 9 of the Code against the Corporate Debtor, M/s Satellite…
- **2023-06-02 — Expression of…**: Resolution Professional published Form G and received three Resolution Plans from…

## 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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