# In the matter of Ajay Singal vs. Gaurav Katiyar

> NCLAT judgment dated 2024-03-18. Citation: TCN-2024-NCLAT-00573. The case involves an appeal filed by the Suspended Director of the Corporate Debtor against…

- **Court:** NCLAT
- **Order date:** 18 Mar 2024
- **Citation:** TCN-2024-NCLAT-00573
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ajay-singal-vs-gaurav-katiyar-71933485

## Summary

### Background

The case involves an appeal filed by the Suspended Director of the Corporate Debtor against an order passed by the Adjudicating Authority (National Company Law Tribunal) regarding an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by a Financial Creditor for the resolution of their debt. The application was admitted, an Interim Resolution Professional (IRP) was appointed, and a moratorium was imposed. During the appeal's pendency, the appellant filed an I.A. seeking permission for unsecured financial creditors (allottees of the Avalon Regal Court Project) and a secured financial creditor (Tata Capital Housing Financial Limited) to vote on a Project Completion Proposal.

## Facts

The Suspended Director of the Corporate Debtor filed an appeal against the Adjudicating Authority's order admitting an application under Section 7 of the IBC. The application was filed by Devinder Yadav & Ors. (Financial Creditor) for resolution of debt. Gaurav Kataria was appointed as the IRP, and a moratorium was imposed. The appellant impleaded Gaurav Kataria, Homebuyers, and Tata Capital Housing Finance Ltd. as respondents. During the appeal, the appellant filed an I.A. seeking permission for unsecured financial creditors (allottees of the Avalon Regal Court Project) and Tata Capital Housing Financial Limited to vote on a Project Completion Proposal. The creditors voted with 100% majority in favor of the resolution plan submitted by Ajay Singal. The court

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## Issues and analysis

### Issue 1: Whether the Authorised Representative (AR) of the allottees of the Avalon Regal Court Project and …

**Ratio:** The court applied the principle that stakeholders should have the opportunity to vote on

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**Reasoning:** The court considered the submissions of the appellant and the respondents, noting that

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**Interpretation:** This issue involves the interpretation of the rights of financial creditors and

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**Application:** The court allowed the AR and the Secured Creditor to vote on the Project

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…; +1 more
- **Appellants:** Ajay Si…
- **Respondents:** GRJ Distributers…; Gaurav Ka…

## Timeline

- **2022-06-03 — Order by Adjudicating…**: Order passed by Adjudicating Authority (National Company Law Tribunal) in CP (IB) No.…
- **2024-02-27 — Order on I.A. No. 546…**: Court passed an order regarding I.A. No. 546…

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