# Monitoring Committee of Shriram Cement Ltd. vs. High Performance Products Industries Pvt. Ltd.

> NCLT judgment dated 2026-07-22. Citation: TCN-2026-NCLT-00834. The Corporate Insolvency Resolution Process (CIRP) for Shriram Cement Ltd. commenced on…

- **Court:** NCLT
- **Order date:** 22 Jul 2026
- **Citation:** TCN-2026-NCLT-00834
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/monitoring-committee-of-shriram-cement-ltd-vs-high-performance-products-industri-fujfj

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Shriram Cement Ltd. commenced on September 20, 2019. A Resolution Plan submitted by High Performance Products Industries Pvt. Ltd. (Successful Resolution Applicant - SRA) was approved by the Committee of Creditors on December 9, 2020, and by the Adjudicating Authority on September 20, 2021. Under the approved plan, the SRA was to settle admitted dues of Rs. 20,75,09,078.93 for Rs. 5.50 Crores by December 20, 2021. However, the SRA only paid Rs. 30 Lakhs by March 31, 2022, failing to implement the plan. The SRA attributed this non-implementation to a pending land dispute concerning Survey No. 47 (the Corporate Debtor's sole asset) and the non-release of a Bank Guarantee, and sought an extension of time and other

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## Facts

Shriram Cement Ltd. (Corporate Debtor) was incorporated on April 27, 2000.

The Corporate Insolvency Resolution Process (CIRP) against Shriram Cement Ltd. was initiated on September 20, 2019.

An Interim Resolution Professional (IRP) was appointed on September 20, 2019, and subsequently confirmed as the Resolution Professional on November 8, 2019.

Expressions of Interest (EOIs) were published on January 31, 2020, and a 90-day exclusion was granted on June 29, 2020.

The Resolution Plan submitted by High Performance Products Industries Pvt. Ltd. (Respondent No. 1/SRA) was approved by the Committee of Creditors (CoC) on December 9, 2020, and by the Adjudicating Authority on September 20, 2021.

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## Issues and analysis

### Issue 1: Whether the Successful Resolution Applicant ("SRA") has committed such failure in …

**Ratio:** The SRA's admitted failure to pay the majority of the dues as per the approved Resolution

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**Reasoning:** The Resolution Plan, approved on September 20, 2021, became binding on all stakeholders.

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**Interpretation:** Section 31 of the IBC makes an approved resolution plan binding on all

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**Application:** The SRA's non-payment of the substantial portion of the dues and its attempt to

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Monitoring…; The State Bank of…; +1 more
- **Respondents:** Shriram Cement…; High Performance…; +4 more
- **Other parties:** Committee of…; Umesh Harjivandas…; +2 more
- **Advocates:** Aishwarya…; Saurabh So…; +4 more

## Timeline

- **1981-04-14 — Original Land…**: Land bearing Survey No. 47 originally…
- **1982-06-16 — Land Transfer to…**: Land transferred to Shriram Cement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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