# M/s. Pani Trading Corporation Pvt. Ltd. vs. M/s. P & M Associates LLP

> NCLT judgment dated 2026-04-23. Citation: TCN-2026-NCLT-00541. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. P & M Associates…

- **Court:** NCLT
- **Order date:** 23 Apr 2026
- **Citation:** TCN-2026-NCLT-00541
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/ms-pani-trading-corporation-pvt-ltd-vs-ms-p-m-associates-llp-pmjbt

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. P & M Associates LLP by M/s. Pani Trading Corporation. Mr. Pramod Srihari was initially appointed as Interim Resolution Professional (IRP), then Resolution Professional (RP), and subsequently Liquidator. The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor at an early stage due to the absence of viable business operations and future prospects.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of M/s. P & M Associates LLP was initiated by the Tribunal vide order dated 20.11.2024 in C.P. (IB) No. 145/BB/2024 on an application filed under Section 9 of the Code by M/s Pani Trading Corporation.

Mr. Pramod Srihari was appointed as Interim Resolution Professional.

The Committee of Creditors (CoC), in its First meeting held on 17.12.2024, resolved to appoint Mr. Pramod Srihari as Resolution Professional.

The Tribunal confirmed the appointment of Mr. Pramod Srihari as Resolution Professional vide order dated 17.02.2025 in IA 76/2025.

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## Issues and analysis

### Issue 1: Whether the delay of 32 days in filing the …

**Ratio:** Delay in filing progress reports can be condoned if sufficient grounds are disclosed and

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**Reasoning:** The grounds disclosed for the delay in submitting the progress report were heard and

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**Interpretation:** The NCLT has discretionary power to condone delays based on the merits of the

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**Application:** I.A. No.153/2026, seeking condonation of delay of 32 days in filing the 2nd

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** M/s. Pani Trading…; Pramod Sr…
- **Respondents:** M/s. P & M…
- **Other parties:** Committee of…
- **Advocates:** Pramod Sr…

## Timeline

- **2024-11-20 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. P & M Associates…
- **2024-12-17 — CoC Meeting - RP…**: First meeting of the Committee of Creditors (CoC) resolved to appoint Mr. Pramod Srihari…

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