Gagan Tandon & Ors. Vs IL & FS Financial Services Ltd. & Ors. (NCLAT Delhi)
NCLAT Delhi held that Corporate Insolvency Resolution Proceeding [CIRP] should be restricted to specific project. Accordingly, held that project wise resolution of the Corporate Debtor needs to be proceeded with as required by law.
Facts- The present appeals have been filed against the order dated 25.02.2025 passed by NCLT, New Delhi, Court-IV admitting Section 7 application filed by M/s IL&FS Financial Services Ltd., the Financial Creditor (Respondent No.1 herein). Company Appeal (AT) (Ins.) No.502 of 2025 has been filed by Pranav Ansal, the Suspended Director of the Corporate Debtor– M/s Ansal Properties and Infrastructure Limited. Company Appeal (AT) (Ins.) No.500 of 2025 has been filed by Gagan Tandon and Ors., Homebuyers of the “Sushant Golf City”, Lucknow Project, developed by Ansal Properties.
Conclusion- In the facts of the present case, the CIRP needs to be confined at Lucknow project Mother City Lucknow and Mother City Extension Lucknow, including Sushant Golf City Project as well as three Projects of the CD situated in the State of Rajasthan – Ajmer, Jodhpur and Jaipur as referred to in the Sanction Letter dated 16.02.2016. The Adjudicating Authority needs to consider mode and manner of resolution of the above projects of the CD. At the first instance, the resolution of the projects situated at Lucknow need to be undertaken.
