# State Bank Of India vs. Arshiya Northern FTWZ Limited

> NCLT judgment dated 2026-08-24. Citation: TCN-2026-NCLT-00891. The Corporate Insolvency Resolution Process (CIRP) was initiated against Arshiya Northern FTWZ…

- **Court:** NCLT
- **Order date:** 24 Aug 2026
- **Citation:** TCN-2026-NCLT-00891
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/state-bank-of-india-vs-arshiya-northern-ftwz-limited-r24yb

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Arshiya Northern FTWZ Limited. The process involved multiple stages of inviting and evaluating resolution plans, addressing complex issues such as securing spine road access, and navigating legal challenges filed by unsuccessful Prospective Resolution Applicants (PRAs) before the NCLT, NCLAT, and the Supreme Court. Ultimately, the Supreme Court directed the Committee of Creditors (CoC) to reconsider the Resolution Plan submitted by Athena India Opportunities.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Arshiya Northern FTWZ Limited on 14.11.2022.

Mr. Ram Ratan Kanoongo was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

Public announcements in Form A inviting claims from creditors were issued on 02.12.2022 and republished on 20.02.2023.

The Corporate Debtor challenged the CIRP admission order dated 14.11.2022 before the Hon'ble NCLAT, which initially granted a stay but later vacated it on 15.02.2023.

The Committee of Creditors (CoC) was constituted on 14.03.2023 and subsequently reconstituted on 03.03.2025, with IDFC First Bank Limited's claim reclassified as secured on 11.12.2024.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Athena India Opportunities, along with its addendum dated …

**Ratio:** The Resolution Plan, having been approved by the Committee of Creditors with 100% voting

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**Reasoning:** The NCLT acknowledged the paramountcy of the CoC's commercial wisdom in approving the

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**Interpretation:** Section 30(6) of the IBC mandates the Resolution Professional to submit the

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**Application:** Citing the Supreme Court's judgment in K Sashidhar v. Indian Overseas Bank

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## Parties

- **Judges:** Vinay…; Charanjeet Singh…
- **Appellants:** State Bank of…; Bhuvan…; +1 more
- **Respondents:** Arshiya Northern…
- **Other parties:** Edelweiss Asset…; Punjab National…; +7 more
- **Advocates:** Ayush R…; Khushboo…

## Timeline

- **2022-11-14 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of Arshiya Northern FTWZ Limited was…
- **2022-11-21 — NCLAT Appeal by…**: Corporate Debtor filed Company Appeal (AT) (Insolvency) No. 1401 of 2022 before the…

## 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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