# Vivek Satyaprakash Jalan & Anr. vs. ARK Industries Private Limited

> NCLT judgment dated 2026-09-04. Citation: TCN-2026-NCLT-00919. Mr. Vivek Satyaprakash Jalan, the Resolution Professional of M/s Ark Industries Private Limited…

- **Court:** NCLT
- **Order date:** 4 Sept 2026
- **Citation:** TCN-2026-NCLT-00919
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/vivek-satyaprakash-jalan-anr-vs-ark-industries-private-limited-lpksx

## Summary

### Background

Mr. Vivek Satyaprakash Jalan, the Resolution Professional of M/s Ark Industries Private Limited (Corporate Debtor), filed an application under Section 30(6) of the IBC, 2016, seeking approval for the Resolution Plan. The plan, submitted by Mr. Sanjay Punglia along with Farmswipe Private Limited (Successful Resolution Applicant), was approved by the Committee of Creditors (CoC) with a 100% voting share after an e-voting process. The Corporate Debtor was admitted into CIRP on 08.01.2025, and Mr. Vivek Satyaprakash Jalan was initially appointed as the Interim Resolution Professional.

## Facts

The present Application was filed by Mr. Vivek Satyaprakash Jalan, the Resolution Professional, seeking approval of the Resolution Plan dated 02.01.2026.

The Resolution Plan was submitted by Mr. Sanjay Punglia along with Farmswipe Private Limited (Successful Resolution Applicant).

The Corporate Debtor is Ark Industries Private Limited.

The Resolution Plan was placed before the Committee of Creditors (CoC) at its 10th meeting on 12.01.2026 and approved with 100% voting share through e-voting conducted from 15.01.2026 to 29.01.2026.

The Tribunal admitted the Corporate Debtor into CIRP on 08.01.2025 and appointed Mr. Vivek Satyaprakash Jalan as the Interim Resolution Professional (IRP).

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Sanjay Punglia along with Farmswipe Private Limited …

**Ratio:** The Resolution Plan, having been approved by the CoC with 100% voting share and certified

…

**Reasoning:** The Resolution Professional confirmed that the plan provides for priority payment of CIRP

…

**Interpretation:** Compliance with statutory provisions, including payment priorities for

…

**Application:** The NCLT found that the Resolution Plan was compliant with the Code and

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## Parties

- **Judges:** Shri. Prabhat…; Sushil Mahadeorao…
- **Appellants:** Vivek Satyaprakash…; Irabati Tie-Up…
- **Respondents:** ARK Industries…
- **Other parties:** Committee of…; Canara…; +3 more
- **Advocates:** Nausher…; Subash…; +1 more

## Timeline

- **2025-01-08 — CIRP Admission and IRP…**: The Tribunal, vide order dated 08.01.2025 ("Admission Order"), admitted the Corporate…
- **2025-05-10 — Public Announcement for…**: Pursuant to the Admission Order, the IRP issued a public announcement on 10.05.2025,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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