# Suraksha Asset Reconstruction Ltd. vs. Sapphire Land Development Private Limited

> NCLT judgment dated 2026-07-31. Citation: TCN-2026-NCLT-00752. A Section 7 petition was filed by Suraksha Asset Reconstruction Ltd. against Sapphire Land…

- **Court:** NCLT
- **Order date:** 31 Jul 2026
- **Citation:** TCN-2026-NCLT-00752
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/suraksha-asset-reconstruction-ltd-vs-sapphire-land-development-private-limited-6lwc2

## Summary

### Background

A Section 7 petition was filed by Suraksha Asset Reconstruction Ltd. against Sapphire Land Development Private Limited, which was admitted on 30.04.2021, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Ankur Kumar was initially appointed as the Interim Resolution Professional (IRP), and subsequently, Mr. Snehal Kamdar was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted with Suraksha Asset Reconstruction Ltd. (51.04% voting share) and Unity Small Finance Bank Limited (48.96% voting share). The CIRP period of 180 days expired on 06.11.2021 without any extension being sought or approved. No resolution plan was received by the Adjudicating Authority, and various CoC meetings failed to approve the

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## Facts

A Petition under Section 7 of the Code was filed by Suraksha Asset Reconstruction Limited against Sapphire Land Development Private Limited.

The Section 7 petition was admitted on 30.04.2021, initiating the Corporate Insolvency Resolution Process (CIRP) against Sapphire Land Development Private Limited.

Mr. Ankur Kumar was initially appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

Mr. Snehal Kamdar was subsequently appointed as the Resolution Professional (RP) vide order dated 01.06.2023.

The Committee of Creditors (CoC) was constituted with Suraksha Asset Reconstruction Limited (51.04% voting share) and Unity Small Finance Bank Limited (48.96% voting share).

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Sapphire Land …

**Ratio:** The Corporate Debtor is liable to be liquidated under Section 33(1)(a) of the IBC when

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**Reasoning:** The CIRP commenced on 30.04.2021, and the 180-day period expired on 06.11.2021. No

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**Interpretation:** Section 33(1)(a) of the IBC mandates the Adjudicating Authority to pass a

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**Application:** Given that the CIRP period expired on 06.11.2021 without any extension or

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## Parties

- **Judges:** LAKSHMI G…; SH. CHARANJEET…
- **Appellants:** Snehal K…
- **Respondents:** Sapphire Land…; Suraksha Asset…; +1 more
- **Other parties:** Ankur K…; Gaurang…; +2 more
- **Advocates:** Raina B…; Saurabh G…; +8 more

## Timeline

- **2021-04-30 — CIRP Init…**: Section 7 petition filed by Suraksha Asset Reconstruction Limited against Sapphire Land…
- **2021-05-11 — Public Annou…**: The IRP published 'Form A' (Public Announcement) in Mumbai Edition of Financial Express…

## 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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