# Nishant Agrawal RP of Shree Geeta Textiles Mills Pvt Ltd vs. Income Tax Department Through Principal Commissioner

> NCLT judgment dated 8 Apr 2026. Citation: TCN-2026-NCLT-00465. M/s Shree Geeta Textiles Mills Private Limited (Corporate Debtor), incorporated on July 30,…

- **Court:** NCLT
- **Order date:** 8 Apr 2026
- **Citation:** TCN-2026-NCLT-00465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/nishant-agrawal-rp-of-shree-geeta-textiles-mills-pvt-ltd-vs-income-tax-departmen-dv2qc

## Summary

### Background

M/s Shree Geeta Textiles Mills Private Limited (Corporate Debtor), incorporated on July 30, 2008, and engaged in textile manufacturing, defaulted on financial facilities totaling Rs. 58.71 crores from Bank of India and Bank of Baroda. Consequently, its account was classified as a Non-Performing Asset (NPA) on March 31, 2019. Bank of India initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) on June 7, 2023. The CIRP commenced on November 13, 2024, with Ms. Chaya Gupta initially appointed as the Interim Resolution Professional (IRP), who was later replaced by CA Nishant Agrawal as the Resolution Professional (RP) on February 5, 2025. The Committee of Creditors (CoC)

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## Facts

M/s Shree Geeta Textiles Mills Private Limited (Corporate Debtor) was incorporated on July 30, 2008.

The Corporate Debtor availed Rs. 58.71 crores in financial facilities from a consortium including Bank of India and Bank of Baroda.

The Corporate Debtor's account was classified as Non-Performing Asset (NPA) by lenders on March 31, 2019.

Bank of India filed a petition under Section 7 of the IBC, 2016, against the Corporate Debtor on June 7, 2023.

The CIRP against the Corporate Debtor commenced on November 13, 2024.

Ms. Chaya Gupta was initially appointed as the Interim Resolution Professional (IRP) on November 13, 2024.

A Public Announcement in Form-A was issued by the IRP on November 16, 2024.

The Committee of Creditors (CoC) was constituted on December 5, 2024.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Indo Global Share Broking Private Limited should be …

**Ratio:** A Resolution Plan, duly approved by the Committee of Creditors with the statutory

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**Reasoning:** The Resolution Plan received 95.47% voting share from the CoC, significantly exceeding

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**Interpretation:** The Adjudicating Authority's power under Section 31 of the IBC is to ascertain

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**Application:** Given the CoC's overwhelming approval, the verified compliance with statutory

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** Nishant Agrawal…
- **Respondents:** M/s Shree Geeta…; Income Tax…
- **Other parties:** Corporate…; Resolutio…; +17 more

## Timeline

- **2008-07-30 — Corporate Debtor…**: M/s Shree Geeta Textiles Mills…
- **2019-03-31 — NPA Classif…**: The Corporate Debtor's account was classified as Non-Performing Asset (NPA) by Bank of…

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