# Arihant Retail Pvt Ltd vs. Axis Bank Ltd

> NCLT judgment dated 2026-10-13. Citation: TCN-2026-NCLT-01237. Arihant Retail Private Limited, a private limited company incorporated in 1996 and an MSME…

- **Court:** NCLT
- **Order date:** 13 Oct 2026
- **Citation:** TCN-2026-NCLT-01237
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/approval-of-resolution-plan-arihant-retail-private-limited-0g3gv

## Summary

### Background

Arihant Retail Private Limited, a private limited company incorporated in 1996 and an MSME involved in retail textile business, incurred losses since 2020 due to the Covid-19 lockdown. Consequently, a Company Petition (CP(IBC)/265(CHE)/2024) was filed by the Corporate Debtor itself under Section 10 of the IBC, 2016, for the initiation of the Corporate Insolvency Resolution Process (CIRP). The petition was admitted on May 2, 2025, and Sivakumar Amarendran was appointed as the Interim Resolution Professional (IRP), later replaced by Shruti Lohia as the Resolution Professional (RP) on July 22, 2025. The Committee of Creditors (CoC) was constituted, and claims from financial creditors like LIC Housing Finance Limited, Karur Vysya Bank Limited, and Axis Bank Limited were

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## Facts

Arihant Retail Private Limited was incorporated on 21.05.1996 under the Companies Act, 1956.

The Corporate Debtor is an MSME with a Registration Certificate dated 15.02.2022.

The Corporate Debtor was involved in the retail textile business.

Credit facilities were obtained from LIC Housing Finance Limited, Karur Vysya Bank Limited, Axis Bank Limited, and Cholamandalam Investment and Finance Company Limited.

The company incurred losses since 2020 due to the Covid-19 lockdown.

CP(IBC)/265(CHE)/2024 was filed by the Corporate Debtor under Section 10 of the IBC, 2016, for CIRP.

The petition was admitted by the Tribunal on 02.05.2025.

Sivakumar Amarendran was appointed as the Interim Resolution Professional (IRP).

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Pothys Retail Private Limited complies with the provisions …

**Ratio:** A Resolution Plan must comply with the mandatory requirements of Sections 30(2) and 31 of

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**Reasoning:** The Resolution Professional submitted a Compliance Certificate in Form H, affirming that

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**Interpretation:** The Adjudicating Authority's primary role is to verify that the Resolution Plan

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**Application:** The Tribunal, upon perusal of the documents on record and the Compliance

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Arihant Retail…; Shruti…; +1 more
- **Respondents:** Arihant Retail…; Axis Ban…
- **Other parties:** LIC Housing…; Karur Vysya Bank…; +9 more
- **Advocates:** Shri. Ragha…; Shri. S…

## Timeline

- **1996-05-21 — Incorporation of…**: Arihant Retail Private Limited was…
- **2022-02-15 — MSME Regist…**: The Corporate Debtor obtained its…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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