# In the matter of  Bankey Bihari Infrahomes Pvt. Ltd. v Mr. Alok Kumar Kuchchal & Anr.,  Company Appeal (AT) (Insolvency) No. 718 of 2022

> NCLAT judgment dated 2022-12-06. Citation: TCN-2022-NCLAT-00050. The case involves an appeal against an order passed by the Adjudicating Authority (National…

- **Court:** NCLAT
- **Order date:** 6 Dec 2022
- **Citation:** TCN-2022-NCLAT-00050
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/bankey-bihari-infrahomes-pvt-ltd-v-mr-alok-kumar-kuchchal-anr-company-appeal-at-61b2f128

## Summary

### Background

The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad) regarding IA(IB) No. 154/ALD/2022 in CP(IB) No. 45/ALD/2019. The appellant, Bankey Bihari Infrahomes Pvt. Ltd., is involved in the construction and development of real estate. The Corporate Insolvency Resolution Process (CIRP) was initiated against Ratandeep Infrastructure Private Limited, the corporate debtor, following an application under section 7 of the IBC by Nitin Jain & Anr. as Financial Creditors. After unsuccessful CIRP, liquidation was ordered. The appellant sought to submit a scheme of compromise and arrangement under section 230 of the Companies Act, 2013, but faced delays in obtaining necessary information from the Liquidator.

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## Facts

Bankey Bihari Infrahomes Pvt. Ltd. (Appellant) is a real estate company. CIRP was initiated against Ratandeep Infrastructure Private Limited (Corporate Debtor) on 16.4.2019. After unsuccessful CIRP, liquidation was ordered on 31.1.2022. Alok Kumar Kuchchal was appointed as the Liquidator. The Appellant filed IA No. 115/2022 seeking direction to the Resolution Professional to place a scheme of compromise and arrangement. This IA was disposed of on 13.4.2022, directing the Liquidator to consider the scheme. The Appellant claims delays by the Liquidator in providing necessary information. The Liquidator published a public announcement for auction. The Appellant submitted a scheme on 24.5.2022. The Appellant filed IA No. 154/2022 seeking a stay of the auction. IA No.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in dismissing IA 154/2022 and allowing the Liquidator to …

**Ratio:** The Adjudicating Authority has the discretion to balance the right of the appellant to

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**Reasoning:** The court reasoned that the appellant had sufficient opportunity to submit a credible

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**Interpretation:** This issue involves interpreting the balance between the rights of parties to

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**Application:** The court applied the ratio to the facts by noting that the appellant failed to

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## Parties

- **Judges:** Ashok Bh…; Alok Sriv…; +1 more
- **Appellants:** Bankey Bihari…
- **Respondents:** Ratandeep…; Alok Kumar…

## Timeline

- **2019-04-16 — CIRP Init…**: CIRP initiated against Ratandeep…
- **2022-01-31 — Liquidation…**: Liquidation order passed for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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