# Srei Equipment Finance Limited vs. Supreme Bungalows Private Limited

> NCLT judgment dated 2026-09-04. Citation: TCN-2026-NCLT-00941. The Corporate Insolvency Resolution Process (CIRP) was initiated against Supreme Bungalows…

- **Court:** NCLT
- **Order date:** 4 Sept 2026
- **Citation:** TCN-2026-NCLT-00941
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/srei-equipment-finance-limited-vs-supreme-bungalows-private-limited-unwue

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Supreme Bungalows Private Limited by SREI Equipment Finance Limited. Anup Kumar Singh was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was constituted, and claims were received. Despite multiple attempts to invite Expressions of Interest (Eol) and Resolution Plans from Prospective Resolution Applicants (PRAs), no resolution plan was received by the extended deadline. A proposal to re-publish Form G for fresh Eols was also not approved by the CoC.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Supreme Bungalows Private Limited ('Corporate Debtor') was initiated by the Tribunal vide order dated 14.06.2023 in CP (IB) NO. 227 of 2022 under Section 7 of the Code, filed by SREI Equipment Finance Limited ('Financial Creditor').

Anup Kumar Singh was appointed as the Interim Resolution Professional ('IRP') of the Corporate Debtor.

A Public Announcement in Form A was made on 16.06.2023 to invite claims from the Creditors of the Corporate Debtor.

A Committee of Creditors ('CoC') of the Corporate Debtor was constituted on 07.07.2023, and the report for its constitution was filed on the same date and taken on record on 03.08.2023.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Supreme Bungalows Private Limited, should be liquidated in accordance …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, mandates the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) of Supreme Bungalows Private Limited, in its 5th meeting

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**Interpretation:** Section 33(2) of the IBC provides a clear legal framework for the Adjudicating

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**Application:** In the present case, the CoC's unanimous decision (100% voting share) to

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** SREI Equipment…; Anup Kumar…
- **Respondents:** Supreme Bungalows…
- **Other parties:** Dharmendra…
- **Advocates:** Prathamesh…; Amit Tu…; +2 more

## Timeline

- **2023-06-14 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Supreme Bungalows…
- **2023-06-16 — Public Annou…**: Public Announcement in Form A made…

## 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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