# In the matter of Future Enterprises Limited

> NCLT judgment dated 2026-04-08. Citation: TCN-2026-NCLT-00391. Orissa Metaliks Private Limited (OMPL) filed an Interlocutory Application (IA No. 4320/2025)…

- **Court:** NCLT
- **Order date:** 8 Apr 2026
- **Citation:** TCN-2026-NCLT-00391
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/future-enterprises-limited-61fc52fb

## Summary

### Background

Orissa Metaliks Private Limited (OMPL) filed an Interlocutory Application (IA No. 4320/2025) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the decision of the Committee of Creditors (CoC) to conduct a second negotiation process via an e-challenge mechanism for Cluster 3 assets of Future Enterprises Limited, the Corporate Debtor.

## Facts

Foresight Innovations Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Future Enterprises Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, with the process commencing on 27.02.2023.

The Committee of Creditors (CoC) was constituted on 22.05.2023, comprising 18 members including Axis Bank Limited, Bank of Baroda, and Central Bank of India.

The CoC appointed Mr. Avil Menezes as the Resolution Professional (RP) on 22.06.2023.

The CoC decided to run a parallel process for inviting expression of interests for submitting resolution plans for the assets of the corporate debtor.

The assets of the Corporate Debtor were divided into three clusters.

…

## Issues and analysis

### Issue 1: Whether the CoC's decision to conduct a second round of challenge mechanism process is in violation …

**Ratio:** Regulation 39(1A) refers to the duty of the Resolution Professional (RP), if envisaged in

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**Reasoning:** The NCLT observed that the words 'not more than once' are used only in clause (a) of

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**Interpretation:** The NCLT interpreted that it is beyond its jurisdiction to add words into a

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**Application:** The NCLT held that the CoC's decision to conduct a second round of challenge

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Orissa Metaliks…
- **Respondents:** Future Enterprises…; Avil Jerome…; +2 more
- **Advocates:** Vikram Na…; Shounak…; +8 more

## Timeline

- **2023-02-27 — Commencement…**: Corporate Insolvency Resolution Process (CIRP)…
- **2023-05-22 — Constitution…**: The Committee of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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