# Navin Khandelwal, RP for Shri Ram Switchgears Ltd. vs. Shri Ram Switchgears Ltd.

> NCLT judgment dated 8 May 2026. Citation: TCN-2026-NCLT-00529. The Corporate Insolvency Resolution Process (CIRP) for Shri Ram Switchgears Ltd. was initiated…

- **Court:** NCLT
- **Order date:** 8 May 2026
- **Citation:** TCN-2026-NCLT-00529
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/navin-khandelwal-rp-for-shri-ram-switchgears-ltd-vs-shri-ram-switchgears-ltd-ye4u4

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Shri Ram Switchgears Ltd. was initiated on 29.02.2024. Mr. Rakesh Kumar Jindal was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Navin Khandelwal as the Resolution Professional (RP) on 17.12.2024. A public announcement for inviting claims was made on 03.03.2024, leading to the constitution of the Committee of Creditors (CoC) on 21.03.2024. The successful resolution applicant, Prakash Asphaltings and Toll Highways (India) Limited (SRA), submitted a resolution plan that was initially approved by the CoC with a 93.81% voting share on 12.08.2025. However, objections raised by Religare Finvest Limited regarding the treatment and non-valuation of third-party security led

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## Facts

CIRP against Shri Ram Switchgears Ltd. was initiated on 29.02.2024 via C.P. (IB) No.22(MP)2023.

Mr. Rakesh Kumar Jindal was initially appointed Interim Resolution Professional (IRP) for Shri Ram Switchgears Ltd.

Mr. Navin Khandelwal was appointed as Resolution Professional (RP) for Shri Ram Switchgears Ltd. on 17.12.2024, replacing the erstwhile IRP.

A public announcement inviting claims from creditors was made on 03.03.2024, with the last date for submission being 14.03.2024.

The Committee of Creditors (CoC) was constituted on 21.03.2024, and its first meeting was held on 30.03.2024.

The initial Resolution Plan submitted by Prakash Asphaltings and Toll Highways (India) Limited (SRA) was approved by the CoC with 93.81% voting share on 12.08.2025.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Prakash Asphaltings and Toll Highways (India) Limited for …

**Ratio:** A Resolution Plan, once approved by the Committee of Creditors with the requisite

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**Reasoning:** The Adjudicating Authority conducted a detailed analytical assessment of the Resolution

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**Interpretation:** Sections 30(2), 30(4), and 31 of the IBC, along with Regulations 38 and 39 of

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**Application:** The NCLT found that the Resolution Plan, as re-approved by the CoC with 100%

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## Parties

- **Judges:** Brajendra Mani…; Member…; +2 more
- **Appellants:** UCO B…
- **Respondents:** Ram Switchgears…; Religare Finvest…; +2 more
- **Other parties:** Corporate…; Resolutio…; +11 more
- **Advocates:** Rohit D…; Akanksha…

## Timeline

- **2024-02-29 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) initiated for Shri Ram Switchgears Ltd.…
- **2024-03-03 — Public Annou…**: IRP made a public announcement in newspapers inviting claims from creditors of the…

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