CWP-1223-202 IN ACCIL Hospita IFCI Limited an Wh pro CORAM: HO HO Present: M wit Mr Mr Ms Ms and for Mr wit Ms and for Mr w for 2023 (O&M) IN THE HIGH COURT OF PUN AT CHANDIGA CW ospitality Private Limited Versus ited and others Re Pr Up Whether only operative part of the judgm pronounced or the full judgment is pron HON'BLE MR. JUSTICE SHEE HON'BLE MR. JUSTICE SANJ ***** Mr. Anand Chhibbar, Senior Advo with Mr. Nitin Kaushal, Advocate, Mr. Ajay Kumar, Advocate, Mr. Tanuj Sud, Advocate, Ms. Swati Vashisth, Advocate, Ms. Ateevraj Sandhu, Advocate, and Mr. Inderjeet Singh, Advocate, for the petitioner. Mr. Puneet Bali, Senior Advocate ( with Mr. Gagandeep Singh, Advoc Ms. Ayushi Garg, Advocate, nd Mr. Mahender Joshi, Advocate or respondent No.1-IFCI Limited Mr. Dheeraj Jain, Senior Advocate with Mr. Amit Sharma, Senior Pan or respondent No.2-UOI. - 1- F PUNJAB & HARYANA DIGARH CWP-1223-2023 (O&M) ....Petitioner ...Respondents Reserved on : 20.11.2025 Pronounced on : 27.02.2026 Uploaded on : 27.02.2026 judgment is pronouned: operative part/full judgmen SHEEL NAGU, CHIEF JUSTICE SANJIV BERRY Advocate (Arguing Counsel) ocate, vocate, ocate (Arguing Counsel), Advocate, vocate, mited. vocate (Arguing Counsel), or Panel Counsel, gment AJAY PRASHER 2026.02.27 19:23 I attest to the accuracy and integrity of this document CWP-1223-2023 (O&M) - 2- Mr. Indresh Goel, Advocate, for respondent No.3-RBI. ***** SHEEL NAGU, C.J. 1. !"#"$ % & "#'() * & "'+, % - ./01 2 3 ( 4 1 % $$/ 513(41 60" " % &&& 7 % 8' 9 $#$$# ( 9 & : /)0 % #. / 1 : 0 ( ) /3 & "#0&&7 %3 ";$$$ " ."$<"$#; (/3 & "#0 1 )7 & ) 9 & : /)0 3 "#.$ " "$!"$#; & ) 7 9 &) ) & ) %8 /0 * = 9&% <. 1" AJAY PRASHER 2026.02.27 19:23 I attest to the accuracy and integrity of this document CWP-1223-2023 (O&M) - 3- ""& "# 1 #' ( " /09 > 9 " /0&> 9" /0=%& 9" &> 7 9 (" 9 > 7 %9 &)" $#"$?"$#; * =%& 9" $"$?"$#; * 4% " ;?-$#; & = 9&% ( /3 & "#0" @$"$?"$# ) '9 / 90" % $#< ( =9&% % - #@/0 #@/;013(41 " ##"$."$#< , "@<$#< %( 3 % - #?3 % : & % /3 : 0 #??@&% % 3 "##<"# / $@"$@"$#<0 & A #!".B &"" ) AB&"" $"$<"$#! Application under Section 7 of Insolvency and Bank- ruptcy Act (IBC Act) 2016, i.e. CB (IB) 50 PB/2018 titled State Bank of India versus M/s Asian Color Coated Ispat Limited filed for initiation of Corporate Insolvency Resolution Process (CIRP) of the Principal Borrower before the National Company Law Tribunal ( 5 )6) (Principal Bench). Via the order dated 20.07.2018, this application was admitted. , AJAY PRASHER 2026.02.27 19:23 I attest to the accuracy and integrity of this document CWP-1223-2023 (O&M) - 4- 9 & 83";; ?< !.;-'* $#" $"$"$#? && % 3 9 &% ) / 5)60 ( & 3"<";! /&&7%0" $!"$@"$#? 3 & % *- C1D 1 9 )" /3 && 0 ( " 3 && && &% 3"#.$$ /&&7%0 3&" ;"$;"$#? # * / 5,60" @$"$;"$#? #< , ' 3 && & % 7 " #<"$"$#? 3 9" $"$"$#? ,E3 9 , #<"$"$#?" /047 3" /0 3 9 && % <?"@B /&& % %0" ( /& "# 0 %@";B 3 9" "#$"$$ 3 9 &&%) #?"#$"$$& "#$"$$" ( /& "# 0 3". $ @# ;@ /&&7 %0 &% " && % & "#'( &&3 9" AJAY PRASHER 2026.02.27 19:23 I attest to the accuracy and integrity of this document CWP-1223-2023 (O&M) - 5- 1 & 3 9&& % ) 8' F#"# F G /0 & & % & *" 9 & /:0 % - %& & % ) = &% ) /0 & & %>3 1 1& 9 ) ) = &% ) / 0& & %*" 9 & ( % 7 3 > /40 % &% 9 " #@ #!?$$ " " 4 : =% & * 4% C < $#@ 7 % &% )H(1 &% ) / I )/ 0) 0 : : & : : / : : 0 ) 19) % "G #"#@F ( & > / & %*"9 &J ( 7 ) 9% 0 % / 7 47 3 0 - AJAY PRASHER 2026.02.27 19:23 I attest to the accuracy and integrity of this document CWP-1223-2023 (O&M) - 6- 9 & 3 9" & % *" 9 & J ( 7) 9% & 3 9"G #"#;F ( ( ) 9% " #" 777777 777777 777777 9 &% & 39 / 1 !"! #0 &% ,& / 1 #"@ 1 #"; 1 #". # $0 ( ( 8 777777 3 / ( & 0 - 9 ) 9% & % & % ' ( % &% (' +& 9 7 & 3 % % AJAY PRASHER 2026.02.27 19:23 I attest to the accuracy and integrity of this document CWP-1223-2023 (O&M) - 7- & " <"#$"$$ 7 1: *- = 1 ) /1& 9 & I /519I6 0C1D1-3 && 0 ?"#$"$$ % 1: /) :0 9 &:"3 & #" " $;"$@"$# 1 % & '( &&%3 "! / & 0" $?"$@"$# , & % ) *'+&,'(-!./1: ")0" ."$@"$# *- = 1) /19IC1D10 )" #<"##"$# 1 3 !/0 3 /0 1 % /4 0 3 $$ &&% /9 920 && 9 3 & "#" #$"#"$# 9 /) = &% 9 ) 0 D9';?!$'$# ) = &% 9 ) "3: " / 8' 3 & && % ) " 1 #<"##"$# % " $;"$"$ D9'##.'$/9 & "3: 0 D9'##$'$ /I " 3: 0 % 9 > -& % *- = 1 ) " ' % AJAY PRASHER 2026.02.27 19:23 I attest to the accuracy and integrity of this document CWP-1223-2023 (O&M) - 8- & " ?"$<"$ && - ?. : %3 9 9 > " & % % ) & %= " !"#"$ 0 /1 $ 2 / / 2 E ' 4' ;"$#"$@ % 3 ".;< . <@ @@$"#. /3 ".;< &&7 %0 #."#"$" $."$#"$@ Order of NCLT Mumbai wherein Principal Borrower and M/s Hausad Steel Limited (Special Purpose Vehicle of M/s JSW Steel Coated Products Ltd.) have amalgamated into M/s JSW Steel Coated Products Limited. $"$#"$@ 9 D9'#@'$@ / 0 !"#"$" / E " ' " $#"$@"$; 3 &"#$"$$ 0 1) " ) /" 0" !!-&'(-(- / "0 " ) /3 2 0" !!-4 !!-+ !!-. 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(-(- & &" ) $#"$@"$; 3 9 "#$"$$ & %F3 G 3 9 19I 3 && F47 3 G & % / 7 F47 3 G0" ) % 8' !"# $! % &' ( $ ' !$ ) %! % &' $ AJAY PRASHER 2026.02.27 19:23 I attest to the accuracy and integrity of this document CWP-1223-2023 (O&M) - 11- * + / 3 && 0 , -$ ) %! &' $ * + / 3 && 0 # , ."# $. /// 01$ ' , # "# $2 # , , % "# $2 1( # $ ' 2 /// 03 , 4 5 6L)J CI "+ , " /$#0 ? 1 @#0M 5 6 L/$#!0M #< 1 @?;M % , ' 7 2 <" % ) % 6 &&3 9"&& & 8 0* # % % % ) % $ ' 3 5 % , % 6 % , AJAY PRASHER 2026.02.27 19:23 I attest to the accuracy and integrity of this document CWP-1223-2023 (O&M) - 12- 8% . !" && ";<#@-$; &7 - : ) $#"$@"$; %&7 #?"$;"$;" ?" ( 3 9 && % ) ) && - : %&7 & & " && 3 9 % %", && 1 @#: 3 9 % 1 @! & % & & " & % & 7 7& %& F47 3 G" #$" % %' : $#"$<"$; & D9'##.'$/ $ 3" 3 #8 / 0 & & % <"#$"$$@ @"##"$$ 7 & & && & "#$"$$ & % )" & D9'##.'$ $#"$<"$; ) $#"$@"$; && - : %&7 " AJAY PRASHER 2026.02.27 19:23 I attest to the accuracy and integrity of this document CWP-1223-2023 (O&M) - 13- ##" & & " #" 9 && / 0 % & " (SHEEL NAGU) CHIEF JUSTICE (SANJIV BERRY) JUDGE 27.02.2026 Ajay Prasher Whether speaking/reasoned : Yes / No Whether reportable : Yes / No AJAY PRASHER 2026.02.27 19:23 I attest to the accuracy and integrity of this document

ACCIL HOSPITALITY PRIVATE LIMITED v. IFCI LIMITED AND ORS

Judgment text