# In the matter of Amit Jain vs. IDBI Trusteeship Services Ltd. and Anr.

> NCLAT judgment dated 2025-11-06. Citation: TCN-2025-NCLAT-00552. The case involves appeals against an order dated 05.08.2025 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 6 Nov 2025
- **Citation:** TCN-2025-NCLAT-00552
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/amit-jain-vs-idbi-trusteeship-services-ltd-and-anr-c5752546

## Summary

### Background

The case involves appeals against an order dated 05.08.2025 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-III, which admitted a Section 7 petition filed by IDBI Trusteeship Services Ltd. against Mahagun (India) Pvt. Ltd. (Corporate Debtor) initiating CIRP.

## Facts

IDBI Trusteeship Services Ltd. filed a Section 7 petition against Mahagun (India) Pvt. Ltd. due to a default of Rs.256,48,85,907/-.

The Adjudicating Authority admitted the Section 7 petition on 05.08.2025 and appointed an Interim Resolution Professional (IRP).

Amit Jain, the Suspended Director of Mahagun (India) Pvt. Ltd., filed an appeal (Company Appeal (AT) (Ins.) No.1186 of 2025) against the admission order.

Manorialle Social Welfare Society, representing 195 homebuyers, also filed an appeal (Company Appeal (AT) (Ins.) No.1314 of 2025) seeking to confine the CIRP to the Mahagun Manorialle project.

Aditya Birla Capital Ltd. filed appeals (Company Appeal (AT) (Ins.) No.1254 and 1258 of 2025) arguing that CIRP should not affect projects where no default has occurred.

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## Issues and analysis

### Issue 1: Whether the CIRP initiated against Mahagun (India) Pvt. Ltd. should be confined to the specific …

**Ratio:** Resolution of real estate insolvency should, as a rule, proceed on a project-specific

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**Reasoning:** The Hon'ble Supreme Court has emphasized the need for project-specific insolvency in real

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**Interpretation:** The CIRP should be confined to the specific project for which the financial

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**Application:** The Adjudicating Authority needs to consider whether the CIRP should be

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Amit…; Manorialle Social…; +8 more
- **Respondents:** Mahagun (India)…; IDBI Trusteeship…
- **Other parties:** 195 homebuyers of…; 11,000 homebuyers…; +8 more
- **Advocates:** Abhijeet…; Gaurav…; +32 more

## Timeline

- **2025-05-08 — Order by Adjudicating…**: The Adjudicating Authority admitted the Section 7 petition filed by IDBI Trusteeship…
- **2025-08-08 — Interim Order by…**: The Appellate Tribunal passed an interim order noting that the appellant had sent a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/amit-jain-vs-idbi-trusteeship-services-ltd-and-anr-c5752546