# In the matter of Bharti Goyal & Ors. vs. Hector Realty Venture Pvt. Ltd. & Ors.

> NCLAT judgment dated 2025-08-20. Citation: TCN-2025-NCLAT-00440. The appeal challenges the NCLT order dated 14.05.2024, which dismissed I.A. No. 5659/2023 in…

- **Court:** NCLAT
- **Order date:** 20 Aug 2025
- **Citation:** TCN-2025-NCLAT-00440
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/bharti-goyal-ors-vs-hector-realty-venture-pvt-ltd-ors-711847c6

## Summary

### Background

The appeal challenges the NCLT order dated 14.05.2024, which dismissed I.A. No. 5659/2023 in Company Petition No. (IB)-1051/ND/2019. The appellants, homebuyers in the 'Marvella City' project, sought recall of an earlier order dated 07.09.2022 that allowed withdrawal of the CIRP against Hector Realty Venture Private Limited.

## Facts

In 2015, the Appellants and several other homebuyers invested in the “Marvella City” project launched by Hector Realty Venture Pvt. Ltd.

A petition under Section 7 of the IBC was filed in CP (IB) No. 1051/ND/2019 before the NCLT, New Delhi, seeking insolvency proceedings against Hector Realty Venture Pvt. Ltd.

On 09.12.2019, the NCLT admitted the case and initiated CIRP against Hector Realty Venture Pvt. Ltd.

Initially, Mr. Mukesh Kumar Grover was named as the Interim Resolution Professional (IRP), but subsequently, on 06.01.2020, Mr. Piyush Garg was appointed.

The IRP filed I.A. No. 4281/2022 before the NCLT to withdraw the CIRP under Section 12A of the code, which was allowed on 07.09.2022.

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## Issues and analysis

### Issue 1: Whether the Appellants' (homebuyers) have the locus to agitate their claim at this belated stage …

**Ratio:** The Appellants are financial creditors as allottees under Section 5(8)(f) of the Code and

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**Reasoning:** The IRP did not perform his duty of collating and including the Appellants' even though

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**Interpretation:** The responsibility to ensure that all financial creditors were informed and

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**Application:** The Appellate Tribunal held that the Appellants have the locus and the appeal

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…; +1 more
- **Appellants:** Bharti…; Swati Sriv…; +1 more
- **Respondents:** Hector Realty…; Hector Realty…; +2 more
- **Other parties:** Durga…; Shalu…; +1 more
- **Advocates:** Bilal…; Nisha…

## Timeline

- **2019-12-09 — Initiation…**: NCLT admitted the case and ordered the initiation of the Corporate Insolvency Resolution…
- **2020-01-06 — Appointment…**: Mr. Piyush Garg was appointed as the…

## 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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