# Sanjay B Borad (Resolution Professional of Nirbhay Rasayan Private Limited) vs. Nirbhay Rasayan (P) Limited

> NCLT judgment dated 2026-09-24. Citation: TCN-2026-NCLT-01042. The Corporate Insolvency Resolution Process (CIRP) was initiated against Nirbhay Rasayan (P)…

- **Court:** NCLT
- **Order date:** 24 Sept 2026
- **Citation:** TCN-2026-NCLT-01042
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/sanjay-b-borad-resolution-professional-of-nirbhay-rasayan-private-limited-vs-nir-rr0tu

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Nirbhay Rasayan (P) Limited, the Corporate Debtor, on 20.10.2023, following an application by Shree Sainath Tradelink (P) Limited, an Operational Creditor. Mr. Sanjay B. Borad, the Resolution Professional (RP) of Nirbhay Rasayan Private Limited, filed an application under Sections 30(6) and 31(1) of the IBC, 2016, seeking approval for the Resolution Plan submitted by Drona Impex Private Limited, the Successful Resolution Applicant (SRA). The Committee of Creditors (CoC) approved this Resolution Plan with a 100% voting share through e-voting.

## Facts

The present Application has been filed by Mr. Sanjay B. Borad, Resolution Professional of Nirbhay Rasayan Private Limited, under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016.

The Applicant seeks approval of the Resolution Plan dated 05.07.2024 submitted by Drona Impex Private Limited, the Successful Resolution Applicant (SRA).

The Resolution Plan was approved by the Committee of Creditors (CoC) with 100% voting share through e-voting conducted from 10.07.2024 to 11.07.2024.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Drona Impex Private Limited for Nirbhay Rasayan Private …

**Ratio:** The Resolution Plan must comply with Section 30(2) of the IBC, 2016, and Regulations 37,

…

**Reasoning:** The Resolution Professional certified that the plan complies with Section 30(2) and

…

**Interpretation:** Compliance with statutory provisions is a fundamental requirement for the

…

**Application:** The NCLT found that the Resolution Plan met all the requirements of Section

…

## Parties

- **Judges:** Sh. Prabhat Kumar…; Sh. Sushil…
- **Appellants:** Sanjay B Borad…
- **Respondents:** Nirbhay Rasayan…
- **Other parties:** Bhavi Broking…; HP Broking Pvt.…; +8 more
- **Advocates:** Narendra L…

## Timeline

- **1987-03-06 — Corporate Debtor…**: Nirbhay Rasayan (P) Limited, the…
- **2023-10-20 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced against Nirbhay Rasayan (P)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/sanjay-b-borad-resolution-professional-of-nirbhay-rasayan-private-limited-vs-nir-rr0tu