# Sandeep Kumar Chitkara vs. Punjab & Sind Bank

> NCLT judgment dated 2026-08-20. Citation: TCN-2026-NCLT-00983. The Corporate Insolvency Resolution Process (CIRP) of Kay Bee Cotgin Pvt. Ltd. was initiated by…

- **Court:** NCLT
- **Order date:** 20 Aug 2026
- **Citation:** TCN-2026-NCLT-00983
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sandeep-kumar-chitkara-vs-kay-bee-cotgin-pvt-ltd-5g82h

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) of Kay Bee Cotgin Pvt. Ltd. was initiated by an Adjudicating Authority order dated 10.03.2026, following a Section 7 application filed by Punjab & Sindh Bank. Sandeep Kumar Chitkara was appointed as the Interim Resolution Professional (IRP). Subsequently, a settlement was reached between Punjab & Sindh Bank (the Financial Creditor) and the Suspended Management of Kay Bee Cotgin Pvt. Ltd., leading to the IRP filing an application under Section 12A of the IBC for withdrawal of the CIRP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Kay Bee Cotgin Pvt. Ltd. was initiated by an Adjudicating Authority order dated 10.03.2026, based on a Section 7 application filed by Punjab & Sindh Bank.

Sandeep Kumar Chitkara was appointed as the Interim Resolution Professional (IRP) on 10.03.2026, and a public announcement was made on the same date.

The Committee of Creditors (CoC) was constituted on 30.03.2026, comprising solely of Punjab & Sindh Bank with 100% voting share.

The first CoC meeting was convened on 07.04.2026, where Punjab & Sindh Bank intimated that a settlement had been reached with the Suspended Management and expressed its intent to withdraw the CIRP.

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## Issues and analysis

### Issue 1: Whether the substituted Section 12A of the Insolvency and Bankruptcy Code, 2016, which came into …

**Ratio:** The embargo introduced by the substituted Section 12A operates prospectively, applying

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**Reasoning:** The amendment to Section 12A is substantial, and the Insolvency and Bankruptcy Code

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**Interpretation:** The court interprets the legislative intent as making the substituted Section

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**Application:** Since the CIRP in the present case was admitted prior to 26.05.2026, the

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## Parties

- **Judges:** KAUSHALENDRA…; KHETRABASI…
- **Appellants:** Sandeep Kumar…; Punjab & Sindh…
- **Respondents:** Kay Bee Cotgin…; Punjab & Si…
- **Advocates:** Arora Vishwas…; Sarabjeet…; +1 more

## Timeline

- **2026-03-10 — CIRP Initiation & IRP…**: Corporate Insolvency Resolution Process (CIRP) of Kay Bee Cotgin Pvt. Ltd. initiated by…
- **2026-03-30 — CoC Consti…**: Committee of Creditors (CoC) constituted, comprising solely of Punjab & Sindh Bank with…

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