NCLAT Delhi Upholds Multiple Challenge Rounds in Insolvency Process

Anuj Goyal Vs Amit Chandrakant Shah (NCLAT Delhi)

National Company Law Appellate Tribunal (NCLAT), Delhi, has dismissed an appeal filed by Anuj Goyal, affirming the Adjudicating Authority’s decision to allow the Resolution Professional (RP) to conduct a second and even third challenge mechanism in the Corporate Insolvency Resolution Process (CIRP). The ruling, delivered on May 27, 2025, reinforces the Committee of Creditors’ (CoC) broad discretion in maximizing the value of the corporate debtor, even if it means allowing new bidders or additional rounds of bidding.

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