# In the matter of Navin M Raheja vs. Shravan Minocha

> NCLAT judgment dated 2026-04-10. Citation: TCN-2026-NCLAT-00135. The appeal was filed by a suspended director of Raheja Developers Ltd. challenging the order…

- **Court:** NCLAT
- **Order date:** 10 Apr 2026
- **Citation:** TCN-2026-NCLAT-00135
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/navin-m-raheja-vs-shravan-minocha-2304f4c9

## Summary

### Background

The appeal was filed by a suspended director of Raheja Developers Ltd. challenging the order of the National Company Law Tribunal (NCLT), New Delhi Bench, which admitted a Section 7 application filed by Shravan Minocha and other homebuyers of the Raheja Krishna Housing Scheme.

## Facts

Raheja Developers Ltd. is a Real Estate Company developing Real Estate Infrastructure in Haryana.

The corporate debtor was developing the Krishna Housing Scheme, an Affordable Group Housing Colony Project on 10 acres in Sector-14, Sohna, Gurugram.

The project obtained License No. 115/2014 from the Directorate of Town & Country Planning (DTCP), Haryana and Registration No. 21/2017 from Haryana Real Estate Regulatory Authority (HRERA).

The corporate debtor made allotment to 1644 units plus commercial units.

The corporate debtor failed to handover possession by 10.06.2019.

Shravan Minocha and 129 other unitholders, financial creditor in a class, filed a Section 7 application on 28.02.2025.

The Adjudicating Authority admitted the Section 7 application on 21.08.2025.

…

## Issues and analysis

### Issue 1: Whether the CIRP against the corporate debtor should be confined to the specific project 'Krishna …

**Ratio:** CIRP initiated by allottees or Financial Institutions, under Section 7 relates to one

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**Reasoning:** The Tribunal relied on previous judgments, including 'Flat Buyers Association Winter

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**Interpretation:** The principle of project-specific CIRP in real estate cases aims to balance the

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**Application:** The NCLAT applied this principle to the present case, confining the CIRP to the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Navin M.…; Vipul Jain…
- **Respondents:** Raheja Developers…; Shravan M…
- **Other parties:** Punjab National…; Edelweiss Asset…; +3 more
- **Advocates:** Abhinav V…; Atul Sh…; +53 more

## Timeline

- **2025-02-28 — Filing of Section 7…**: Shravan Minocha and 129 other unitholders filed a Section 7 application against the…
- **2025-08-21 — Admission of Section 7…**: The Adjudicating Authority…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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