# In the matter of Supreme Bhiwandi Tollways Private Limited

> NCLT judgment dated 2025-07-17. Citation: TCN-2025-NCLT-00788. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 17 Jul 2025
- **Citation:** TCN-2025-NCLT-00788
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/supreme-bhiwandi-tollways-private-limited-e1613e3f

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Supreme Vasai Bhiwandi Tollways Private Limited based on an application filed by the Financial Creditor, Srei Infrastructure Finance Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Srei Infrastructure Finance Limited filed an application under Section 7 of the IBC, 2016 to initiate CIRP against Supreme Vasai Bhiwandi Tollways Private Limited.

The CIRP was initiated, and Mr. Rajesh Lihala was appointed as the Interim Resolution Professional (IRP).

A Writ Petition was filed by Mr. Vikram Bhawanishankar Sharma, Suspended Board of Directors against the order.

The Hon'ble Punjab & Haryana High Court stayed the order of the Tribunal on 26.12.2022.

The High Court disposed of the Writ Petition on 01.05.2023, granting liberty to the petitioner to avail statutory remedy of appeal.

The Suspended Board of Directors filed an appeal on 19.05.2023, after the expiry of 14 days, and the CIRP was restored from 15.05.2023.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Supreme Vasai Bhiwandi …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of a

…

**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with 69.71% of the voting share,

…

**Interpretation:** The Adjudicating Authority interpreted the CoC's decision as a valid basis for

…

**Application:** The Adjudicating Authority applied Section 33 of the Code and directed the

…

## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** SREI Infrastructur…; Rajesh L…
- **Respondents:** Supreme Vasai…; Supreme Vasai…
- **Other parties:** Punjab National…; Central Bank of…; +4 more

## Timeline

- **2019 — Initiation…**: CP(IB) No. 442/Chd/Hry/2019 filed by…
- **2022-12-22 — Stay Ord…**: Order dated 22.12.2022 before the Hon'ble…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/supreme-bhiwandi-tollways-private-limited-e1613e3f