# Mr. Sanjai Gupta, RP of Supreme and Company Private Limited vs. Supreme and Company Private Limited

> NCLT judgment dated 2026-07-22. Citation: TCN-2026-NCLT-00633. Corporate Insolvency Resolution Process (CIRP) was initiated against Supreme and Company…

- **Court:** NCLT
- **Order date:** 22 Jul 2026
- **Citation:** TCN-2026-NCLT-00633
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/mr-sanjai-gupta-rp-of-supreme-and-company-private-limited-vs-supreme-and-company-ubo3n

## Summary

### Background

Corporate Insolvency Resolution Process (CIRP) was initiated against Supreme and Company Private Limited (Corporate Debtor) on a petition filed by Consolidated Shipping Line India Private Limited (Operational Creditor). Ms. Tripti Agarwal was initially appointed as the Interim Resolution Professional (IRP), followed by Mr. Sanjai Kumar Gupta as the Resolution Professional (RP). The CIRP period saw multiple extensions, and resolution plans submitted by various applicants were ultimately rejected by the Committee of Creditors (COC). The RP also faced challenges in taking possession of the Corporate Debtor's units due to non-cooperation from the erstwhile management.

## Facts

An application (I.A. (IBC) (LIQ) NO. 12/KB/2026) was filed under Section 33(2) of the IBC, 2016, by Mr. Sanjai Kumar Gupta, RP of Supreme and Company Private Limited, seeking initiation of liquidation process.

The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against Supreme and Company Private Limited (Corporate Debtor) on 2024-06-05, based on a petition by Consolidated Shipping Line India Private Limited (Operational Creditor) in C.P. (IB) No. 70/KB/2023.

Ms. Tripti Agarwal was appointed as the Interim Resolution Professional (IRP).

The IRP made public announcements on 2024-06-13 and 2024-06-15, inviting claims from creditors, with the last date being 2024-06-25.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Supreme and Company Private Limited, should be liquidated under …

**Ratio:** The Corporate Debtor is required to be liquidated under Section 33(2) of the IBC, 2016,

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**Reasoning:** The Committee of Creditors (COC) extensively discussed resolution plans and liquidation.

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**Interpretation:** Section 33(2) of the IBC, 2016, mandates the Adjudicating Authority to pass a

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**Application:** Given that the resolution plans were rejected and the Committee of Creditors,

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## Parties

- **Judges:** LABH SINGH,…; REKHA KANTILAL…
- **Appellants:** Sanjai Gupta, RP…; Consolidated…
- **Respondents:** Supreme and…
- **Other parties:** Committee of…; Sanjai Kuma…; +3 more
- **Advocates:** Urmila Chak…; Simaran…; +25 more

## Timeline

- **2024-06-05 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Supreme and Company…
- **2024-06-13 — Public Announcement by…**: The Interim Resolution Professional (IRP) made a public announcement to intimate the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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