# Arcbolt Space and Foods Pvt Ltd vs. Darshan Singh Anand

> NCLT judgment dated 2026-09-09. Citation: TCN-2026-NCLT-01152. Arcbolt Space and Foods Pvt Ltd, the Successful Resolution Applicant (SRA), filed an…

- **Court:** NCLT
- **Order date:** 9 Sept 2026
- **Citation:** TCN-2026-NCLT-01152
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vikas-wsp-ltd-7h8p8

## Summary

### Background

Arcbolt Space and Foods Pvt Ltd, the Successful Resolution Applicant (SRA), filed an application seeking fresh inspection and valuation of the Corporate Debtor's assets (Vikas WSP Ltd.). This request was prompted by a significant time lapse since the last valuation (2022) and a reported major theft incident in 2023, leading to concerns about the current condition and value of the assets.

## Facts

Arcbolt Space and Foods Pvt Ltd, as the Successful Resolution Applicant (SRA), sought inspection of the Corporate Debtor's plant and machinery and a fresh valuation of its assets.

The last valuation of the Corporate Debtor's assets was conducted in 2022.

A major theft occurred at the plant premises in 2023, leading to FIR No. 552 dated 21/22.12.2023 and a subsequent chargesheet.

The SRA apprehended that machinery or other inventory might have been stolen, replaced, or otherwise affected, necessitating a fresh assessment.

The SRA argued that the passage of approximately four years since the last valuation, depreciation, changes in market conditions, and the reported theft could have materially affected the value and condition of the assets.

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## Issues and analysis

### Issue 1: Whether, after submission of the Resolution Plan and while its approval is pending, the SRA ought …

**Ratio:** Fresh inspection and valuation of assets by the SRA is not warranted at the stage when

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**Reasoning:** The SRA will have representation in the Monitoring Committee upon Resolution Plan

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**Interpretation:** The Insolvency and Bankruptcy Code (IBC) and CIRP Regulations do not mandate

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**Application:** The concerns raised by the SRA regarding the present condition and availability

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## Parties

- **Judges:** KAUSHALENDRA…; KHETRABASI…
- **Appellants:** Arcbolt Space and…
- **Respondents:** Vikas WSP L…; Darshan Singh…
- **Other parties:** Bank of…
- **Advocates:** Aalok J…; Vibhu Agg…; +5 more

## Timeline

- **2022 — Last Valu…**: Last valuation of the Corporate…
- **2023-02-07 — SRA Inspe…**: SRA's 11-member team visited…

## 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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