# In the matter of Ajai Kumar Gupta & Ors. vs. Bibhuti Bhushan Biswas & Ors. Company Appeal (AT) (Insolvency) No. 41 of 2023

> NCLAT judgment dated 2023-01-13. Citation: TCN-2023-NCLAT-00770. The case involves an appeal against the initiation of the Corporate Insolvency Resolution…

- **Court:** NCLAT
- **Order date:** 13 Jan 2023
- **Citation:** TCN-2023-NCLAT-00770
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ajai-kumar-gupta-ors-vs-bibhuti-bhushan-biswas-ors-company-appeal-b81f92c0

## Summary

### Background

The case involves an appeal against the initiation of the Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The Adjudicating Authority had initiated the CIRP process based on an application under Section 7 by the allottees of the Fernhill project in Gurgaon, Haryana. The Appellants, who are allottees in two projects in Lucknow, Uttar Pradesh, argue that the CIRP should be confined to the Fernhill project only and not include projects in other states.

## Facts

The Adjudicating Authority initiated the CIRP against a Corporate Debtor based on an application under Section 7 by the allottees of the Fernhill project in Gurgaon, Haryana. The Appellants, who are allottees in two projects in Lucknow, Uttar Pradesh, filed an appeal. The Appellants contend that the CIRP should be confined to the Fernhill project only and not include projects in other states. The Corporate Debtor has several projects. The Applicant allottees are only concerned with the Fernhill project. The court issued a notice to the respondents and listed the appeal for further hearing.

## Issues and analysis

### Issue 1: Whether the CIRP initiated against the Corporate Debtor should be confined to the Fernhill project …

**Ratio:** The legal principle involves determining the appropriate scope of the CIRP and whether it

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**Reasoning:** The court's reasoning will likely involve considering the provisions of the Insolvency

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**Interpretation:** The interpretation of the IBC and relevant precedents will be crucial in

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**Application:** The ratio and reasoning will be applied to the specific facts of the case,

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Ajai Kumar…
- **Respondents:** Bibhuti Bhushan…

## Timeline

- **2023-01-13 — Order…**: Learned counsel for the Appellant submits that the Adjudicating Authority had on an…
- **2023-02-28 — Next Hearin…**: Appeal listed for…

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