# In the matter of AKSA PAPER MILLS PRIVATE LIMITED

> NCLT judgment dated 2026-02-03. Citation: TCN-2026-NCLT-00096. S.N. Global Minerals LLP, an Operational Creditor, filed a Restoration Application under Rule…

- **Court:** NCLT
- **Order date:** 3 Feb 2026
- **Citation:** TCN-2026-NCLT-00096
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/aksa-paper-mills-private-limited-735f0e9f

## Summary

### Background

S.N. Global Minerals LLP, an Operational Creditor, filed a Restoration Application under Rule 11 of NCLT Rules, 2016, seeking to revive CP (IB) No. 165 of 2024, which was initially admitted but later set aside by NCLAT due to a settlement agreement.

## Facts

S.N. Global Minerals LLP filed a Section 9 application on 02.05.2024 seeking initiation of CIRP against Aksa Paper Mills Private Limited.

A Settlement Agreement dated 24.08.2024 was executed between the parties, where Aksa Paper Mills agreed to pay Rs. 2,69,38,653/- in installments.

The NCLT admitted the Section 9 petition on 29.08.2024, but NCLAT set aside the admission order on 03.09.2024 due to the Settlement Agreement, granting liberty to the Operational Creditor to revive the petition in case of breach.

Aksa Paper Mills paid Rs. 2,30,00,000/- against the settlement amount, leaving a balance of Rs. 39,38,653/- unpaid.

S.N. Global Minerals LLP filed a Restoration Application to revive CP (IB) No. 165 of 2024 due to the breach of the Settlement Agreement.

…

## Issues and analysis

### Issue 1: Whether the Restoration Application is …

**Ratio:** Rule 11 of the NCLT Rules, 2016 preserves the inherent powers of the Tribunal to pass

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**Reasoning:** The Tribunal has the inherent power to restore proceedings that were previously admitted

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**Interpretation:** Rule 11 allows the Tribunal to exercise its discretion to revive proceedings to

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**Application:** The Tribunal found the application maintainable under Rule 11 as it sought to

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** S.N. Global…
- **Respondents:** Aksa Paper Mills…
- **Other parties:** Sunil Kumar…
- **Advocates:** Ravi P…; Gunjan Ag…; +1 more

## Timeline

- **2024-05-02 — Filing of Section 9…**: S.N. Global Minerals LLP filed a Section 9 application seeking initiation of CIRP against…
- **2024-08-24 — Settlement Ag…**: A Settlement Agreement was executed between S.N. Global Minerals LLP and Aksa Paper Mills…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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