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

> NCLT judgment dated 2026-09-24. Citation: TCN-2026-NCLT-01074. M/s Shirpur Gold Refinery Limited, an Operational Creditor, initiated Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 24 Sept 2026
- **Citation:** TCN-2026-NCLT-01074
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/ms-shirpur-gold-refinery-limited-vs-ms-magicstone-traders-private-limited-cpihr

## Summary

### Background

M/s Shirpur Gold Refinery Limited, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Magicstone Traders Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, which was admitted on November 2, 2023. Mr. Sandeep Jawaharlal Singhal was initially appointed as Interim Resolution Professional (IRP), later replaced by Mr. Nilesh Rajendra Kothari as Resolution Professional (RP). The Committee of Creditors (CoC), comprising only Operational Creditors with total admitted claims of Rs. 2,36,45,58,253/-, approved a Resolution Plan submitted by M/s Subhlaxmi Investment Advisory Private Limited with a 71.08% voting share. The plan proposed Rs. 35 lakhs for CIRP costs and Rs. 3 lakhs for Operational

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## Facts

A petition filed by M/s Shirpur Gold Refinery Limited (Operational Creditor) against M/s Magicstone Traders Private Limited (Corporate Debtor) was admitted by the Tribunal on 02.11.2023 under Section 9 of the Code, initiating Corporate Insolvency Resolution Process (CIRP).

The Corporate Debtor, M/s Magicstone Traders Private Limited, is a private company incorporated on 09.06.2016, engaged in construction and related businesses.

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 from creditors.

The Committee of Creditors (CoC) was constituted, consisting 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) to …

**Ratio:** The Resolution Professional has a bounden duty under Regulation 36A(8) of the CIRP

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**Reasoning:** The Tribunal noted that the RP's Section 29A compliance report used equivocal terms

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**Interpretation:** Regulation 36A(8) and (9) mandates a clear and unequivocal determination of

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**Application:** The RP failed to diligently discharge this duty, as evidenced by the qualified

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## Parties

- **Judges:** SH. VINAY…; SH. CHARANJEET…
- **Appellants:** M/s Shirpur Gold…; Nilesh Rajendra…
- **Respondents:** M/s Magicstone…
- **Other parties:** Committee of…; ANAND PR…; +6 more
- **Advocates:** Pulkit S…; Ajinkya kur…

## Timeline

- **2016-06-09 — Corporate Debtor…**: M/s Magicstone Traders Private Limited…
- **2023-11-02 — CIRP Admissio…**: The petition filed by M/s Shirpur Gold Refinery Limited against M/s Magicstone Traders…

## 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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