# Satellite Developers Private Limited vs. Omkar Ventures Pvt Ltd

> NCLT judgment dated 2026-09-29. Citation: TCN-2026-NCLT-01201. The Corporate Debtor, Manomay Ventures Private Limited (formerly Omkar Ventures Private…

- **Court:** NCLT
- **Order date:** 29 Sept 2026
- **Citation:** TCN-2026-NCLT-01201
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/manomay-ventures-pvt-ltd-ja8x6

## Summary

### Background

The Corporate Debtor, Manomay Ventures Private Limited (formerly Omkar Ventures Private Limited), was admitted to CIRP on 28th October 2024. Mr. Manish Motilal Jaju was initially appointed as IRP and later confirmed as Resolution Professional. The CIRP period experienced a stay by NCLAT for 366 days, which was subsequently excluded. The Committee of Creditors (CoC) approved two extensions for the CIRP, totaling 150 days. Subsequently, Mr. Atul Tansukhlal Mehta replaced Mr. Manish Jaju as the Resolution Professional. The current application was filed by Mr. Atul Tansukhlal Mehta, seeking a further 90-day extension of the CIRP period and moratorium.

## Facts

The Corporate Debtor, Manomay Ventures Private Limited (formerly Omkar Ventures Private Limited), was admitted to CIRP by the Tribunal on 28th October 2024.

Mr. Manish Motilal Jaju was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP).

The CIRP process was stayed by the Hon'ble NCLAT from 7th November 2024 to 8th October 2025, a period of 366 days.

The Tribunal, vide order dated 31st October 2025 in IA (IBC) No. 4888 of 2025, excluded the 366-day stay period from the computation of the CIRP period.

At the 5th CoC Meeting on 9th March 2026, the CoC resolved with 99.49% voting share to seek a first extension of 90 days (29th March 2026 to 26th June 2026).

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Manomay Ventures Private Limited (formerly Omkar Ventures Private …

**Ratio:** The NCLT implicitly denied the application for further extension by ordering the

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**Reasoning:** The Tribunal noted that the PRA had already taken approximately four months and still no

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**Interpretation:** The Adjudicating Authority interpreted the continued failure to submit a

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**Application:** Given the prolonged delay and the absence of a resolution plan, the application

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## Parties

- **Judges:** SH. PRABHAT KUMAR…; SH. SUSHIL…
- **Appellants:** Satellite…; Atul Tansukhlal…; +1 more
- **Respondents:** Manomay Ventures…; Omkar Ventures…
- **Other parties:** CoC…; Manish Motilal…; +1 more
- **Advocates:** Devul D…

## Timeline

- **2024-10-28 — CIRP Admission and IRP…**: The Corporate Debtor, Manomay Ventures Private Limited, was admitted to CIRP, and Mr.…
- **2024-11-07 — NCLAT Stay…**: The CIRP process remained stayed by…

## 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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