# In the matter of Dr. Vichitra Narayan Pathak & Ors. vs. Suraksha Realty Ltd. & Anr.

> NCLAT judgment dated 2025-05-30. Citation: TCN-2025-NCLAT-00364. These appeals arise out of the Corporate Insolvency Resolution Process (CIRP) of Corporate…

- **Court:** NCLAT
- **Order date:** 30 May 2025
- **Citation:** TCN-2025-NCLAT-00364
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/dr-vichitra-narayan-pathak-ors-vs-suraksha-realty-ltd-anr-d0d0f528

## Summary

### Background

These appeals arise out of the Corporate Insolvency Resolution Process (CIRP) of Corporate Debtor- ‘M/s Golden Tobacco Limited'.

## Facts

Arrow Engineering Ltd. filed an application under Section 7 against the Corporate Debtor- ‘M/s Golden Tobacco Limited' praying for initiation of the CIRP.

Dr. Vichitra Narayan Pathak was appointed as Interim Resolution Professional (IRP).

Suraksha Realty Limited and Sheth Developers Limited filed their claims in Form C as Financial Creditors.

The Adjudicating Authority directed the IRP to consider the claims of Applicants towards interest and their prayer to be treated as Secured Creditors.

The Adjudicating Authority passed an order on 28.03.2023 directing filing of the reply by RP in IA No. 357 of 2023 and IA No.358 of 2023.

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## Issues and analysis

### Issue 1: Whether Suraksha Realty Ltd. and Sheth Developers Pvt. Ltd. are Financial Creditors of the …

**Ratio:** The order dated 16.03.2023 declaring Suraksha Realty Ltd. and Sheth Developers Pvt. Ltd.

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**Reasoning:** The Adjudicating Authority's order was not challenged and has become final. The CIRP

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**Interpretation:** Once an Adjudicating Authority determines an issue in the CIRP of the Corporate

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**Application:** The tribunal held that the order declaring Suraksha Realty Ltd. and Sheth

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## Parties

- **Judges:** Ashok Bh…
- **Appellants:** Vichitra Narayan…; Central Bank of…; +5 more
- **Respondents:** M/s Golden…; Suraksha Realty…; +3 more
- **Other parties:** Sanjay…; Narender L…
- **Advocates:** Sunil Fer…; Shankari…; +27 more

## Timeline

- **2024-05-13 — Order Da…**: Order passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad…
- **2025-05-30 — Judgement…**: Judgement was…

## 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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