# Shri. Rajesh S Shah vs. AG Conveying Systems Private Limited

> NCLT judgment dated 2026-07-10. Citation: TCN-2026-NCLT-00740. The Corporate Insolvency Resolution Process (CIRP) for AG Conveying Systems Private Limited…

- **Court:** NCLT
- **Order date:** 10 Jul 2026
- **Citation:** TCN-2026-NCLT-00740
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/shri-rajesh-s-shah-vs-ag-conveying-systems-private-limited-6emra

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for AG Conveying Systems Private Limited commenced on December 3, 2019. Shri. Rajesh S Shah, initially appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP), oversaw the process. A Resolution Plan submitted by Shri Shripad Gopal Apte was eventually approved by the Adjudicating Authority on May 16, 2024, and a Monitoring Committee was constituted to implement it.

## Facts

The Resolution Professional (Applicant/Chairperson of the Monitoring Committee) filed an application under Section 33(3) of the Insolvency and Bankruptcy Code, 2016, for initiating the liquidation process of AG Conveying Systems Private Limited (Corporate Debtor).

The Corporate Insolvency Resolution Process (CIRP) of AG Conveying Systems Private Limited commenced on December 3, 2019.

The Applicant was initially appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) of the Corporate Debtor.

The Applicant issued a Public Announcement inviting claims from creditors, and a Committee of Creditors (CoC) was constituted.

The CoC consisted solely of the Bank of Maharashtra, holding 100% voting share.

…

## Issues and analysis

### Issue 1: Whether the approved Resolution Plan for AG Conveying Systems Private Limited has failed at the …

**Ratio:** The Successful Resolution Applicant's failure to make payments as per the approved

…

**Reasoning:** The records clearly show that the first payment due by June 26, 2024, was not made.

…

**Interpretation:** An approved Resolution Plan is a binding document, and its terms, especially

…

**Application:** In this case, Shri Shripad Gopal Apte, the Successful Resolution Applicant,

…

## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Shri. Rajesh S.…
- **Respondents:** AG Conveying…; Shripad Gop…
- **Other parties:** Bank of Maharashtr…; Siddhant A…
- **Advocates:** Mily Gh…; Sophia Hu…

## Timeline

- **2019-12-03 — CIRP Commen…**: The Corporate Insolvency Resolution Process (CIRP) of AG Conveying Systems Private…
- **2020-02-12 — Form G Publ…**: The Resolution Professional published Form G for the invitation of Expression of Interest…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

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/shri-rajesh-s-shah-vs-ag-conveying-systems-private-limited-6emra