# Mr. Rakesh Kumar Jindal vs. Forbes Technosys Limited

> NCLT judgment dated 2026-08-28. Citation: TCN-2026-NCLT-00906. The Corporate Insolvency Resolution Process (CIRP) for Forbes Technosys Limited commenced on…

- **Court:** NCLT
- **Order date:** 28 Aug 2026
- **Citation:** TCN-2026-NCLT-00906
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/mr-rakesh-kumar-jindal-vs-forbes-technosys-limited-n3zx4

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Forbes Technosys Limited commenced on March 24, 2025, with Mr. Rakesh Kumar Jindal appointed as the Interim Resolution Professional (IRP) and subsequently acting as the Resolution Professional (RP). Despite multiple Committee of Creditors (CoC) meetings, no resolution plan was approved, nor were key agenda items like the appointment of an RP or criteria for Prospective Resolution Applicants. The statutory 180-day period for CIRP expired on September 20, 2025, without any approved resolution plan or application for extension. Consequently, the RP filed an application under Section 33(1)(a) of the IBC for the initiation of the Corporate Debtor's liquidation.

## Facts

Mr. Rakesh Kumar Jindal, the Resolution Professional (RP) of Forbes Technosys Limited (Corporate Debtor), filed an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Debtor's liquidation process.

The application also sought the appointment of Efficax Resolution Professionals Private Limited as liquidator under Section 34 of the IBC.

The Corporate Insolvency Resolution Process (CIRP) for Forbes Technosys Limited commenced on March 24, 2025, by an order of the Tribunal.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Forbes Technosys Limited, should be liquidated under Section 33(1)(a) …

**Ratio:** The Adjudicating Authority is mandated by Section 33(1)(a) of the IBC to pass a

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**Reasoning:** The CIRP for Forbes Technosys Limited commenced on March 24, 2025, and the statutory

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**Interpretation:** Section 33(1)(a) creates a mandatory obligation on the Adjudicating Authority

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**Application:** In this case, since the CIRP period has expired, no resolution plan has been

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## Parties

- **Judges:** Vinay…; Charanjeet Singh…
- **Appellants:** Rakesh Kumar…
- **Respondents:** Forbes Technosys…
- **Other parties:** Committee of…; Efficax Resolution…; +4 more
- **Advocates:** Roshan…

## Timeline

- **2025-03-24 — CIRP Commen…**: Corporate Insolvency Resolution Process…
- **2025-03-27 — Public Annou…**: Public announcement…

## 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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