# Col. Sanjeev Dalal (Retd.) & Ors. vs. M/s International Recreation and Amusement Ltd. & Ors.

> NCLT judgment dated 2026-08-20. Citation: TCN-2026-NCLT-01009. The case involves multiple applications challenging the continuation of Mr. Pramod Kumar Sharma…

- **Court:** NCLT
- **Order date:** 20 Aug 2026
- **Citation:** TCN-2026-NCLT-01009
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/col-sanjeev-dalal-retd-vs-ms-international-recreation-and-amusement-ltd-xax2l

## Summary

### Background

The case involves multiple applications challenging the continuation of Mr. Pramod Kumar Sharma as Resolution Professional (RP) and the approval of a resolution plan for M/s International Recreation and Amusement Ltd., the Corporate Debtor. Concerns were raised regarding the RP's conduct, including alleged collusion, failure to convene Committee of Creditors (CoC) meetings for RP replacement despite requests from financial creditors, and dereliction of duty in assessing the eligibility and changes in the composition of the Resolution Applicant (SRA). The SRA's resolution plan, which initially failed to secure the requisite vote share, underwent significant changes in its constituent entities without proper disclosure to the CoC. The Insolvency and Bankruptcy Board of

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## Facts

Col. Sanjeev Dalal (Retd.) is the Petitioner/Financial Creditor in the main case CP (IB) NO. 297/(PB)/2018.

M/s International Recreation and Amusement Ltd. is the Respondent/Corporate Debtor.

Multiple applications (IAs) were filed questioning the continuation of Mr. Pramod Kumar Sharma as RP and the resolution plan.

The RP conducted the 10th CoC meeting without ascertaining if 33% of allottees had requested for his replacement, despite NCLAT directions.

The NCLAT order dated 26.09.2025 directed the Authorized Representative (AR) for Financial Creditors to ascertain if 33% of allottees requested a CoC meeting for RP replacement.

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) Mr. Pramod Kumar Sharma should continue in his capacity …

**Ratio:** The RP's conduct, including failure to convene CoC meetings for replacement, filing a

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**Reasoning:** The NCLAT had directed the AR to ascertain if 33% of allottees requested RP replacement,

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**Interpretation:** Section 25A(3A) and Section 27 of the IBC, along with relevant CIRP

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**Application:** The Tribunal directs the RP to initiate a process to ascertain if Financial

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. BANWARI LAL…
- **Appellants:** Col. Sanjeev…; Appu Ghar Gurgaon…; +7 more
- **Respondents:** M/s International…; Pramod Kumar…; +3 more
- **Other parties:** Committee of…; Home Bu…; +3 more
- **Advocates:** Priy…; Chaitanyashil…; +28 more

## Timeline

- **2018-09-11 — First CoC M…**: The 1st CoC meeting was held, and voting on agenda items 7-14 was deferred as the…
- **2018-09-17 — Adjourned First CoC…**: The adjourned 1st CoC meeting took place, where the confirmation of Mr. Pramod Kumar…

## 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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