# Jubin Kishore Thakkar & Ors. vs. Ashutosh Agarwala (RP of Colour Roof (India) Ltd.)

> NCLT judgment dated 13 Apr 2026. Citation: TCN-2026-NCLT-00462. The Corporate Insolvency Resolution Process (CIRP) for Colour Roof (India) Limited was…

- **Court:** NCLT
- **Order date:** 13 Apr 2026
- **Citation:** TCN-2026-NCLT-00462
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/jubin-kishore-thakkar-ors-vs-ashutosh-agarwala-jttua

## Summary

### Background

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.

## Facts

Corporate Insolvency Resolution Process (CIRP) for Colour Roof (India) Limited commenced on 24.02.2023, with Ashutosh Agarwala appointed as Resolution Professional (RP).

A consortium of eight members, including erstwhile promoters (Applicants), submitted an Expression of Interest (Eol) on 14.03.2024.

The RP excluded the Applicants from the provisional list of Prospective Resolution Applicants (PRAs) on 10.04.2024 and the final list on 25.04.2024, citing net worth ineligibility.

The Applicants filed IA No. 4414/2024, which resulted in an NCLT order on 25.09.2024 granting them liberty to approach the RP for inclusion in the PRA list.

The Committee of Creditors (CoC) denied the Applicants' request for inclusion at its 10th meeting.

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) and Resolution Professional (RP) complied with the NCLAT's …

**Ratio:** Compliance with judicial directions is mandatory, and the principle of commercial wisdom

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**Reasoning:** The NCLAT order dated 21.02.2025 specifically directed the CoC to consider the

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**Interpretation:** The NCLAT's order required a substantive examination and decision on the merits

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**Application:** The CoC's actions in the 11th meeting, by failing to examine the Applicants'

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Jubin Kishore…; Miloni Bhavin…; +6 more
- **Respondents:** Colour Roof…; Ashutosh Agarwala…
- **Other parties:** Corporate…; Eligibility…; +7 more
- **Advocates:** Shyam Ka…; Aditya T…; +4 more

## Timeline

- **2023-02-24 — CIRP Init…**: Colour Roof (India) Limited was admitted into CIRP by an order of the Tribunal; Mr.…
- **2024-02-09 — 2nd CoC M…**: Eligibility criteria for Prospective Resolution Applicants (PRAs) were discussed and…

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