Somani Worsted Limited Vs Amit Aggarwal (NCLAT Delhi)
Summary: The appeal by Somani Worsted Limited under Section 61 of the Insolvency and Bankruptcy Code, 2016 challenged the NCLT, New Delhi Principal Bench order dated 08.10.2025 in I.A. No. 5287 of 2022 in C.P. (IB) No. 652 (PB)/2019. The NCLT had dismissed the Appellant’s Section 60(5) application seeking restoration of its admitted claim after the Resolution Professional removed it from the List of Creditors during the CIRP of Celebration City Projects Private Limited.
The underlying transaction originated in 2010. Somani Worsted had paid Rs.13.60 crore to AEZ Infratech Private Limited for proposed commercial space. After AEZ could not procure suitable land, an Inter-Corporate Memo dated 04.10.2010 contemplated investment of Rs.9.77 crore in the Corporate Debtor’s project. A further MoU dated 07.10.2010 recorded the Corporate Debtor’s acknowledgment of Rs.9.77 crore and provisional allotment of 50,000 square feet in the Celebration City Project, later renamed RED Mall. The Appellant relied on the Corporate Debtor’s balance sheets, ledger entries and other documents to contend that the amount had reached the Corporate Debtor and constituted financial debt.
The Corporate Debtor entered CIRP on 21.03.2022. The Appellant filed a Form CA claim of Rs.18,72,32,458, comprising Rs.9.77 crore principal and Rs.8,95,32,458 interest. The RP initially recognised Rs.18,84,95,866.67 and treated the Appellant as a Financial Creditor in a class. After Sakshi Fincap Private Limited objected to the claim, the RP sought further documents, categorised the transaction as doubtful/suspicious and ultimately removed the Appellant from the List of Creditors. The NCLT upheld the rejection, also noting the earlier arbitral award dated 28.12.2015 against AEZ.
