# In the matter of GAJANAN PAPER MILLS PRIVATE LIMITED

> NCLT judgment dated 2026-04-06. Citation: TCN-2026-NCLT-00342. The case involves Gajanan Paper Mills Pvt Ltd, a Corporate Debtor (CD) undergoing CIRP. The…

- **Court:** NCLT
- **Order date:** 6 Apr 2026
- **Citation:** TCN-2026-NCLT-00342
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/gajanan-paper-mills-private-limited-cbf251da

## Summary

### Background

The case involves Gajanan Paper Mills Pvt Ltd, a Corporate Debtor (CD) undergoing CIRP. The Suspended Director was declared as the SRA and a resolution plan was approved on 14.10.2019. However, the plan implementation faced irregularities and defaults.

## Facts

Gajanan Paper Mills Pvt Ltd is the Corporate Debtor.

A resolution plan submitted by the Suspended Director was approved on 14.10.2019.

The SRA failed to implement the approved resolution plan.

A liquidation application was filed due to the SRA's failure.

The CoC considered a proposal from an Operational Creditor for revival.

The SRA expressed inability to implement the resolution plan and withdrew opposition to liquidation.

SBI was the sole secured financial creditor and has recovered its entire admitted debt from one of the personal guarantors of the CD.

The CoC resolved to file an IA to reboot the CIRP process.

The Tribunal allowed the application and permitted the re-issuance of Form-G.

## Issues and analysis

### Issue 1: Whether the CIRP process can be re-initiated after …

**Ratio:** Yes, the Tribunal has the power to permit

…

**Reasoning:** The Tribunal considered the observations by the Hon'ble Supreme Court in a catena of

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**Interpretation:** The IBC prioritizes the revival of the

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**Application:** The Tribunal allowed the application and

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Chairman of…
- **Respondents:** Gajanan Paper…; SBI…
- **Other parties:** Mahendra Prasad…
- **Advocates:** Pulkit S…; Rohan…; +6 more

## Timeline

- **2019-10-14 — Approval of Resolution…**: Resolution plan submitted by the Suspended Director was approved by the Adjudicating…
- **2025-07-04 — SRA's Aff…**: The SRA filed an affidavit stating inability…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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