# CANARA BANK vs. SUPREME BEST VALUE KOLHAPUR (SHIROLI) SANGLI TOLLWAYS PRIVATE LIMITED

> NCLT judgment dated 2026-07-23. Citation: TCN-2026-NCLT-00735. The Corporate Insolvency Resolution Process (CIRP) for Supreme Best Value Kolhapur (Shiroli)…

- **Court:** NCLT
- **Order date:** 23 Jul 2026
- **Citation:** TCN-2026-NCLT-00735
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/canara-bank-vs-supreme-best-value-kolhapur-p2t6g

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Private Limited ("Corporate Debtor") was initiated based on a Section 7 application filed by Canara Bank. Mr. Rajesh Jhunjhunwala was appointed as the Interim Resolution Professional and subsequently confirmed as the Resolution Professional (RP). The CIRP period was extended twice, ultimately expiring on July 21, 2026. Despite receiving eleven Expressions of Interest and four Resolution Plans, none of the plans received the requisite approval from the Committee of Creditors (CoC). Following this, the CoC, in its 12th meeting, unanimously resolved to seek restoration of the CIRP under the newly inserted Section 33(1A) of the Insolvency and Bankruptcy

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## Facts

IA(I.B.C)/3054(MB)2026 was filed by Mr. Rajesh Jhunjhunwala, Resolution Professional of Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Private Limited.

The application sought restoration of the Corporate Insolvency Resolution Process (CIRP) and exclusion of 120 days from the CIRP period under Section 33(1A) of the Insolvency and Bankruptcy Code, 2016.

The CIRP of the Corporate Debtor was initiated via an Insolvency Commencement Order dated August 25, 2025, based on a petition filed by Canara Bank.

Mr. Rajesh Jhunjhunwala was appointed as the Interim Resolution Professional and subsequently confirmed as the Resolution Professional by the CoC with an 84.84% voting share.

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) of Supreme Best Value Kolhapur (Shiroli) …

**Ratio:** The NCLT rejected the application for restoration of CIRP, holding that the Corporate

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**Reasoning:** The Tribunal noted that the Corporate Debtor possessed only an arbitration award, which

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**Interpretation:** Section 33(1A) of the IBC, while empowering the Adjudicating Authority to

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**Application:** Despite the CoC's unanimous approval for restoration under Section 33(1A), the

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## Parties

- **Judges:** SH. PRABHAT…; SH. SUSHIL…
- **Appellants:** Canara…; Rajesh Jhunjhunwal…
- **Respondents:** Supreme Best…
- **Other parties:** CoC of Supreme…; Shailesh Pranlal…
- **Advocates:** Dhrupad V…; Gayatri M…; +2 more

## Timeline

- **2022-06 — Arbitration…**: Arbitration Award dated June 2022 amounting to approximately Rs. 318.95 crores plus…
- **2025-08-25 — CIRP Init…**: Insolvency Commencement Order passed, initiating the Corporate Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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