# Approval of Resolution Plan - Krystal Stone Exports Limited

> NCLT judgment dated 2026-02-23. Citation: TCN-2026-NCLT-00191. The application is filed by Suman Kumar Verma, the Resolution Professional of M/s Krystal Stone…

- **Court:** NCLT
- **Order date:** 23 Feb 2026
- **Citation:** TCN-2026-NCLT-00191
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-krystal-stone-exports-limited-89689406

## Summary

### Background

The application is filed by Suman Kumar Verma, the Resolution Professional of M/s Krystal Stone Exports Limited, seeking approval of the Resolution Plan submitted by Sonal Sumit Mehta.

## Facts

The Corporate Debtor, M/s Krystal Stone Exports Limited, was admitted into CIRP on 03.05.2024.

Suman Kumar Verma is the Resolution Professional for the Corporate Debtor.

The Resolution Plan submitted by Sonal Sumit Mehta was approved by the CoC with 100% voting share on 23.06.2025.

The total resolution plan amount is Rs. 18,81,00,000.

The CIRP period expired on 24.06.2025, but was extended till 09.07.2025.

The CoC comprises a single Financial Creditor, Stressed Assets Stabilization Fund.

The Corporate Debtor is a non-operational entity since 2013.

Multiple Expressions of Interest were issued during the CIRP, but several Prospective Resolution Applicants failed to submit viable plans.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the …

**Ratio:** The Adjudicating Authority must ensure that the Resolution Plan complies with Section

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**Reasoning:** Section 30(2) outlines the mandatory requirements for a Resolution Plan, including

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**Interpretation:** Compliance with Section 30(2) is a prerequisite for approval of the Resolution

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**Application:** The Adjudicating Authority found that the Resolution Plan provides for the

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Suman Kumar…; Sonal Sumit…
- **Respondents:** M/s Krystal Stone…
- **Other parties:** Stressed Assets…; Vijay Pitamber…
- **Advocates:** Pulkit S…; Rehan Ag…; +5 more

## Timeline

- **2019 — CP(IB) No. 903…**: The case was initiated…
- **2019-09-24 — CIRP Init…**: Corporate Debtor was originally admitted into the Corporate Insolvency Resolution Process…

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