# In the matter of Col. P.K. Oberoi (Retd) & Anr. Vs. Vigneshwara Developwell Pvt.  Ltd. & Ors. Co. A. 509-2018 in CO.PET. 885-2015

> HC judgment dated 2020-01-27. Citation: TCN-2020-HC-00039. The case involves a scheme of compromise and arrangement proposed by Vigneshwara Developwell…

- **Court:** HC
- **Order date:** 27 Jan 2020
- **Citation:** TCN-2020-HC-00039
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-chandigarh-bench/col-pk-oberoi-retd-anr-vs-vigneshwara-developwell-pvt-ltd-ors-co-a-509-2018-in-c-b7b5b5aa

## Summary

### Background

The case involves a scheme of compromise and arrangement proposed by Vigneshwara Developwell Private Limited and Vigneshwara Developers Private Limited under sections 391-393 of the Companies Act, 1956. Winding-up petitions against these companies were admitted, and a Provisional Liquidator was appointed. The Ex-Management engaged in mediation with creditors, leading to settlements. The promoters are in judicial custody due to proceedings initiated by unsecured creditors. NCLT passed an order appointing an Interim Resolution Professional and declared a moratorium under section 14 of the IBC, which was stayed by the High Court until the judgment or NCLAT's decision.

## Facts

Vigneshwara Developwell Private Limited and Vigneshwara Developers Private Limited proposed a scheme of compromise and arrangement under sections 391-393 of the Companies Act, 1956. Winding-up petitions were admitted against the companies, and a Provisional Liquidator was appointed. The Ex-Management engaged in mediation with creditors, resulting in settlements. The promoters, Sunil Dhaya and Sanjay Dhayia, are in judicial custody due to proceedings initiated by unsecured creditors. The companies have two pending projects: iValley Business Project and Aquarius Project. NCLT passed an order appointing an Interim Resolution Professional and declaring a moratorium under section 14 of the IBC, which was stayed by the High Court. The scheme involves settling claims of

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## Issues and analysis

### Issue 1: Whether the proposed scheme of compromise and arrangement under sections 391-393 of the Companies …

**Ratio:** The court must assess whether the scheme complies with statutory requirements, is not

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**Reasoning:** The court considered the objections raised, the support for the scheme from a majority of

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**Interpretation:** Section 391 of the Companies Act allows for a compromise or arrangement between

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**Application:** The court found that the scheme, as a whole, was just, fair, and reasonable,

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## Parties

- **Judges:** JAYANT…
- **Appellants:** COL. P.K. UBEROI…
- **Respondents:** Vigneshwara…; VIGNESHWARA…

## Timeline

- **2019-05-13 — Judgment rese…**: The judgment was…
- **2020-01-27 — Judgment prono…**: The judgment was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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