Manish Bagrodia Director (Suspended Powers) of Winsome Yarns Limited Vs Anil Kohli (NCLAT Delhi)
Summary: The appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) was filed by Manish Bagrodia, ex-director of Winsome Yarns Limited (“Corporate Debtor”), challenging the order dated 16.05.2025 of the National Company Law Tribunal (NCLT), Chandigarh Bench-I. The Adjudicating Authority had dismissed his application (I.A. No. 1935 of 2024), which sought access to the first two valuation reports prepared during the Corporate Insolvency Resolution Process (CIRP).
Background and Events
Winsome Yarns Limited entered CIRP on 22.12.2023. Two valuers, M/s Gtech Valuers Pvt. Ltd. and M/s Value Edge Professionals Pvt. Ltd., were appointed to assess three classes of assets. Their valuation methodologies were presented during the 8th CoC meeting on 28.05.2024. In the subsequent 9th CoC meeting held on 06.06.2024, the Committee of Creditors (CoC) found their reports “high-pitched” and resolved to appoint two new valuers, M/s Kanassure Valuation Services Pvt. Ltd. and R&A Valuation LLP, to prepare fresh reports.
The Appellant emailed the Resolution Professional (RP), Anil Kohli, on 14.06.2024 requesting copies of the initial valuation reports. The request was denied. He was later excluded from the 10th CoC meeting on 20.06.2024 when the new valuers’ reports were discussed, though minutes of that meeting were shared with him. Fresh reports from the new valuers were eventually provided to the Appellant on 06.07.2024. Dissatisfied, he filed an application before the NCLT to obtain the earlier reports, which was dismissed, leading to the present appeal.
