The Corporate Insolvency Resolution Process (CIRP) for Colour Roof (India) Limited was initiated on 24.02.2023, and Mr. Ashutosh Agarwala was appointed as the Resolution Professional (RP). A consortium of eight members, including the erstwhile promoters (Applicants), submitted an Expression of Interest (Eol) on 14.03.2024. However, their names were excluded from the provisional and final lists of Prospective Resolution Applicants (PRAs) due to net worth ineligibility. The Applicants challenged this exclusion through multiple applications before the NCLT and NCLAT. The NCLAT, in its order dated 21.02.2025, specifically directed the Committee of Creditors (CoC) to convene a meeting and consider the Applicants' claim for relaxation of eligibility criteria on its merits.

The Corporate Insolvency Resolution Process (CIRP) for Colour Roof (India) Limited was initiated on 24.02.2023, and Mr. Ashutosh Agarwala was appointed as the Resolution Professional (RP). A consortium of eight members, including the erstwhile promoters (Applicants), submitted an Expression of Interest (Eol) on 14.03.2024. However, their names were excluded from the provisional and final lists of Prospective Resolution Applicants (PRAs) due to net worth ineligibility. The Applicants challenged this exclusion through multiple applications before the NCLT and NCLAT. The NCLAT, in its order dated 21.02.2025, specifically directed the Committee of Creditors (CoC) to convene a meeting and consider the Applicants' claim for relaxation of eligibility criteria on its merits.