# Saraswat Co-operative Bank Ltd vs. Sristi Hospitality Private Limited

> NCLT judgment dated 2026-09-04. Citation: TCN-2026-NCLT-00970. Mr. Rajan Deshraj Agarwal, the erstwhile Resolution Professional and Chairman of the Monitoring…

- **Court:** NCLT
- **Order date:** 4 Sept 2026
- **Citation:** TCN-2026-NCLT-00970
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/saraswat-co-operative-bank-ltd-vs-sristi-hospitality-private-limited-oakz1

## Summary

### Background

Mr. Rajan Deshraj Agarwal, the erstwhile Resolution Professional and Chairman of the Monitoring Committee for Sristi Hospitality Private Limited (Corporate Debtor), filed an application (IA/456/2026) to place on record the Third Status Report of the Resolution Plan and to be relieved from filing further reports. The Resolution Plan was approved by the Tribunal on 12.07.2024. The Suspended Director of the Corporate Debtor challenged this approval before the NCLAT, which, on 23.07.2024, issued an interim order permitting the plan's implementation to proceed. Despite this, the Successful Resolution Applicant (SRA) initially delayed implementation, citing pending NCLAT litigation.

## Facts

Mr. Rajan Deshraj Agarwal, the erstwhile Resolution Professional and Chairman of the Monitoring Committee, filed an application (IA/456/2026) to take on record the Third Status Report and be relieved from filing further reports.

The application seeks to place on record developments subsequent to the Second Status Report, which covered the period up to 03.03.2025.

The Suspended Director filed Company Appeal (AT) (Ins.) Nos. 1378/2024 and 1383/2024 before the NCLAT, challenging orders dated 07.05.2024 and 12.07.2024 passed by the Tribunal.

IA No. 1662/2025 was heard on 07.07.2025, where the Tribunal directed the Applicant, as Chairman of the Monitoring Committee, to respond to queries.

…

## Issues and analysis

### Issue 1: Whether the application to take on record the Third Status Report and relieve the Applicant from …

**Ratio:** The Tribunal took the Third Status Report on record but noted the unwarranted conduct of

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**Reasoning:** The application was filed to place on record the Third Status Report and seek relief from

…

**Interpretation:** Taking the report on record is a procedural acceptance of the document, but it

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**Application:** The IA was disposed of, addressing the immediate request to record the report,

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## Parties

- **Judges:** LAKSHMI G…; SH. CHARANJEET…
- **Appellants:** Suspended D…; Rajan Deshraj…
- **Respondents:** Sristi Hospitality…; Saraswat Co-Operat…
- **Advocates:** Bhavik…; Rohan Ag…; +2 more

## Timeline

- **2024-07-12 — Resolution Plan…**: The Resolution Plan for Sristi Hospitality Private Limited was approved by the…
- **2024-07-23 — NCLAT Interi…**: Hon'ble NCLAT issued an interim order in Company Appeal (AT) (Ins.) Nos. 1378/2024 and…

## 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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