# In the matter of NAVSAN GLASS INDUSTRIES LIMITED

> NCLT judgment dated 2026-03-05. Citation: TCN-2026-NCLT-00205. IDBI Bank Ltd filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 5 Mar 2026
- **Citation:** TCN-2026-NCLT-00205
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/navsan-glass-industries-limited-afc9e311

## Summary

### Background

An application was filed to replace Mr. Chandra Prakash Jain, the initially appointed Insolvency Professional, due to his suspension and inability to act as IRP/RP.

## Facts

IDBI Bank Ltd filed a company petition to initiate CIRP against Navsan Glass Industries Limited under Section 7 of the IBC.

The Corporate Debtor defaulted on payments amounting to Rs. 70.24 crores, including interest.

The account of the Corporate Debtor was classified as NPA on 30.09.2011.

The Financial Creditor initiated recovery proceedings before the Debt Recovery Tribunal-III, Mumbai, which issued a decree in favor of the Financial Creditor.

The Adjudicating Authority initially dismissed the application due to limitation, but the order was set aside by the Appellate Tribunal.

Mr. Chandra Prakash Jain was initially appointed as the Interim Resolution Professional (IRP).

Mr. Chandra Prakash Jain was under suspension and unable to act as IRP/RP.

…

## Issues and analysis

### Issue 1: Whether the application under …

**Ratio:** The Hon'ble Supreme Court has held that the order/Decree of the DRT and the recovery

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**Reasoning:** The Corporate Debtor defaulted on payments, and the Financial Creditor obtained a

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**Interpretation:** The existence of a debt and default, along with a recovery certificate,

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**Application:** The Adjudicating Authority found that the debt and default were proved, and the

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** IDBI Bank…
- **Respondents:** Navsan Glass…; Navsan Glass…
- **Other parties:** IDBI Bank L…; Chandra Prakash…; +1 more
- **Advocates:** Devavrat Paresh…

## Timeline

- **2009-00-00 — Credit Facilities…**: Financial Creditor granted credit…
- **2009-11-11 — Sanction…**: Sanction letter issued for Term Loan of Rs. 35…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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