# JM Financial Credit Solutions Limited vs. R M Bhuther And Company Limited

> NCLT judgment dated 2026-10-06. Citation: TCN-2026-NCLT-01266. The Corporate Insolvency Resolution Process (CIRP) against R M Bhuther And Company Limited was…

- **Court:** NCLT
- **Order date:** 6 Oct 2026
- **Citation:** TCN-2026-NCLT-01266
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/r-m-bhuther-and-company-limited-k0f3s

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) against R M Bhuther And Company Limited was initiated on 04.09.2025. The Resolution Professional, Gajesh Labhchand Jain, filed an application (IA(I.B.C)/3339(MB)2026) seeking a 90-day extension of the CIRP period beyond 330 days, specifically from 01.08.2026 to 29.10.2026, with the approval of the Committee of Creditors.

## Facts

The Corporate Insolvency Resolution Process (CIRP) against R M Bhuther And Company Limited was initiated on 04.09.2025.

The CIRP was required to be completed within 330 days, i.e., before 31.07.2026.

Gajesh Labhchand Jain was confirmed as the Resolution Professional (RP) of the Corporate Debtor.

The 1st Meeting of Creditors was held on 03.10.2025.

Form G was issued on 13.10.2025, leading to five prospective resolution applicants submitting Expressions of Interest (EOIs), with four found eligible.

An Extended Form G was issued on 17.11.2025, extending the EOI receipt date to 30.11.2025 and the plan submission date to 29.01.2026.

The resolution plan submission date was further extended to 28.02.2026.

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application seeking a 90-day extension of the Corporate Insolvency …

**Ratio:** Further extension of the CIRP period is not warranted when multiple extensions have

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**Reasoning:** The tribunal noted that despite numerous extensions over approximately eight months, no

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**Interpretation:** The Insolvency and Bankruptcy Code (IBC) aims for time-bound resolution. While

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**Application:** The NCLT applied this principle by dismissing the current application for

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## Parties

- **Judges:** SH. PRABHAT KUMAR…; SH. SUSHIL…
- **Appellants:** JM Financial…; Gajesh Labhchand…
- **Respondents:** R.M. BHUTHER AND…
- **Other parties:** Committee of…; Gajesh Labhchand…; +1 more
- **Advocates:** Manoj M…

## Timeline

- **2025-09-04 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2025-10-03 — First CoC Meeting & RP…**: First Meeting of Creditors held, and Gajesh Labhchand Jain confirmed as Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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