NCLT approves Rs 31.82 crore resolution plan for Transport Solutions India
The NCLT Mumbai bench approved a Rs 31.82 crore resolution plan for Pune-based Transport Solutions India, whose sole financial creditor, Bank of Maharashtra, had an admitted claim of Rs 37.18 crore.
Key points
- The NCLT Mumbai bench on 6 November 2026 approved the resolution plan for Transport Solutions India Private Limited.
- The plan is valued at Rs 31.82 crore; Bank of Maharashtra, the only financial creditor, had an admitted claim of Rs 37.18 crore.
- The plan now binds all creditors and employees, and claims left out of it are extinguished, the tribunal said; the order can be appealed to the NCLAT.
Photo: Crew crew / Wikimedia Commons, CC0 1.0 (cropped). Representational image.
The National Company Law Tribunal (NCLT), Mumbai bench, on 6 November 2026 approved a resolution plan worth Rs 31.82 crore for Transport Solutions India Private Limited, a company based in Chakan near Pune. The company has been in insolvency since March 2022 on a petition by Bank of Maharashtra, its only financial creditor, whose admitted claim stood at Rs 37.18 crore.
What Happened
According to the order, the tribunal admitted the company into the corporate insolvency resolution process, the Insolvency and Bankruptcy Code procedure to find a buyer for a company that has defaulted, on 2 March 2022. The National Company Law Appellate Tribunal (NCLAT) stayed the formation of the committee of creditors on 31 March 2022 and dismissed the appeal on 22 August 2024, after which the process resumed.
The committee, made up only of Bank of Maharashtra, chose bidders through a challenge mechanism, a series of open bidding rounds held on 22 and 28 January 2025. It approved the plan of a consortium of three individuals with 100% of the votes on 18 July 2025. A losing bidder, Silverline Electricals, had challenged the selection, saying its own bid of Rs 31.36 crore was wrongly rejected. The tribunal heard both applications together and disposed of them in one common order, approving the winning plan.
The order records that the buyer has undertaken to pay operational creditors within three days of the plan taking effect, and to pay any ESIC, provident fund, gratuity or other employee dues in full, over and above the plan value. A monitoring committee including Bank of Maharashtra will supervise the plan.
What It Means
Under Section 31 of the Code, the approved plan now binds the company, its employees, its creditors and government authorities. The tribunal said that claims not included in the plan stand extinguished, and no tax, demand or penalty for the period before insolvency can be enforced against the company. The moratorium, the legal freeze on recovery action, ended on the date of the order.
Employees and suppliers of the company should look to the plan's payment terms for their dues. The NCLT's order can be appealed before the NCLAT.
Source: NCLT order
Sources & Citations
- NCLT order — National Company Law Tribunal