# In the matter of Anoop Kumar Srivastava vs. Neerav Bhatnagar

> NCLAT judgment dated 2023-07-25. Citation: TCN-2023-NCLAT-00346. The case involves an appeal against an interim order staying the constitution of the…

- **Court:** NCLAT
- **Order date:** 25 Jul 2023
- **Citation:** TCN-2023-NCLAT-00346
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/anoop-kumar-srivastava-vs-neerav-bhatnagar-27e70a5c

## Summary

### Background

The case involves an appeal against an interim order staying the constitution of the Committee of Creditors (CoC). A Memorandum of Understanding (MoU) dated July 12, 2023, was entered into with home-buyers and M/s. Eka Life Services, a strategic financier, detailing the terms and conditions for construction to be carried out by the Interim Resolution Professional (IRP) with the cooperation of the Suspended Director and their officers and employees. The court is considering the MoU and addendum to issue further directions for carrying out the construction.

## Facts

An appeal was filed regarding an interim order that stayed the constitution of the Committee of Creditors (CoC). A Memorandum of Understanding (MoU) was established on July 12, 2023, between the home-buyers and M/s. Eka Life Services, a strategic financier. The MoU outlines the terms and conditions for the construction of a project, which will be managed by the Interim Resolution Professional (IRP) in collaboration with the Suspended Director and their staff. The appellant is required to cooperate with the IRP to disburse Rs. 75 Crore of interim finance. Rs. 20 Crore is to be deposited by the Interim Fund Proposer or the Appellant into the Corporate Debtor's RERA-approved Escrow account. Funds from allottees (financial creditors) will be disbursed in a timely manner

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## Issues and analysis

### Issue 1: Whether the Appellant is obligated to cooperate with the Interim Resolution Professional (IRP) in …

**Ratio:** The principle of contractual obligation and the need for cooperation in insolvency

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**Reasoning:** The court emphasizes the importance of adhering to the terms of the MoU, which outlines

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**Interpretation:** The court interprets the MoU as a binding agreement that requires the appellant

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**Application:** The appellant is directed to cooperate with the IRP to disburse Rs. 75 Crore of

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Anoop Kumar…
- **Respondents:** Neerav Bha…
- **Advocates:** Arun Kath…; Abhijeet…; +7 more

## Timeline

- **2023-07-07 — Interim…**: An Interim Order was passed staying the…
- **2023-07-12 — Memorandum of…**: A Memorandum of Understanding was entered with…

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