# Shirpur Gold Refinery Limited vs. Magicstone Traders Pvt. Ltd.

> NCLT judgment dated 2026-09-24. Citation: TCN-2026-NCLT-01144. An Interlocutory Application (IA(PLAN)/16/2025) was filed by Mr. Nilesh Rajendra Kothari, the…

- **Court:** NCLT
- **Order date:** 24 Sept 2026
- **Citation:** TCN-2026-NCLT-01144
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/magicstone-traders-pvt-ltd-vzw6f

## Summary

### Background

An Interlocutory Application (IA(PLAN)/16/2025) was filed by Mr. Nilesh Rajendra Kothari, the Resolution Professional (RP) of Magicstone Traders Private Limited (Corporate Debtor), seeking approval of a Resolution Plan submitted by M/s Subhlaxmi Investment Advisory Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Magicstone Traders Pvt. Ltd. based on a petition by M/s Shirpur Gold Refinery Limited (Operational Creditor). The Committee of Creditors (CoC), consisting solely of Operational Creditors, approved a revised Resolution Plan with a 71.08% voting share.

## Facts

IA(PLAN)/16/2025 was filed by Mr. Nilesh Rajendra Kothari, RP of Magicstone Traders Private Limited, seeking approval of a Resolution Plan.

The Resolution Plan was submitted by M/s Subhlaxmi Investment Advisory Private Limited.

The petition against M/s Magicstone Traders Private Limited (Corporate Debtor) was admitted on 02.11.2023, initiating CIRP.

Mr. Sandeep Jawaharlal Singhal was initially appointed as the Interim Resolution Professional (IRP).

The IRP published a public announcement on 04.11.2023 inviting claims.

The CoC was constituted and consisted only of Operational Creditors, with total admitted claims of Rs. 2,36,45,58,253/-.

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## Issues and analysis

### Issue 1: Whether the Resolution Professional diligently discharged his duty under Regulation 36A(8) and (9) …

**Ratio:** The Resolution Professional (RP) has a bounden duty to conduct due diligence to ensure

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**Reasoning:** The Tribunal noted that the RP's Section 29A compliance report used non-committal

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**Interpretation:** Regulation 36A(8) and (9) and Section 30(2) impose a strict obligation on the

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**Application:** The RP, Mr. Nilesh Rajendra Kothari, failed to diligently discharge his duty by

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## Parties

- **Judges:** SH. VINAY…; SH. CHARANJEET…
- **Appellants:** SHIRPUR GOLD…; Nilesh Rajendra…; +1 more
- **Respondents:** M/s Magicstone…; Magicstone…
- **Other parties:** Diligent Media…; PEN India L…; +4 more
- **Advocates:** Pulkit S…; Ajinkya kur…

## Timeline

- **2016-06-09 — Corporate Debtor…**: Magicstone Traders Pvt. Ltd.…
- **2023-11-02 — CIRP Admissio…**: The petition against M/s Magicstone Traders Private Limited was admitted, initiating…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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