# In the matter of Navin M. Raheja vs. Vipul Jain & Ors. I.A. No. 8086, 8087, 8088, 8089 of 2024 & 765, 1732, 2076, 2080, 2959, 3201, 4560, 5006, 6363 of 2025 in CA (AT) (Ins) No. 2168 of 2024]

> NCLAT judgment dated 2026-03-20. Citation: TCN-2026-NCLAT-00042. The appeal was filed by the Suspended Director of the Corporate Debtor challenging the order…

- **Court:** NCLAT
- **Order date:** 20 Mar 2026
- **Citation:** TCN-2026-NCLAT-00042
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/navin-m-raheja-vs-vipul-jain-ors-ia-no-8086-8087-8088-8089-of-2024-765-1732-2076-7e87581a

## Summary

### Background

The appeal was filed by the Suspended Director of the Corporate Debtor challenging the order dated 19.11.2024 passed by the National Company Law Tribunal, Principal Bench, New Delhi, admitting a Section 7 petition filed by Respondent Nos. 1 to 43, who are Financial Creditors in a class and allottees of the project 'Raheja Shilas (Low Rise)'.

## Facts

Respondent Nos. 1 to 43 filed a Section 7 petition under the Insolvency and Bankruptcy Code, 2016, alleging default on the part of the Corporate Debtor.

The Adjudicating Authority admitted the Section 7 application and appointed Mr. Manindra Kumar Tiwari as Interim Resolution Professional (IRP).

The Appellant contended that the CIRP should be confined to the 'Raheja Shilas (Low Rise)' project only, as the Financial Creditors are allottees of that specific project.

The Tribunal modified the order of the Adjudicating Authority to the extent that the CIRP against the Corporate Debtor shall be confined to its project 'Raheja Shilas (Low Rise)' only.

The Tribunal observed that the object of Corporate Insolvency Resolution Process (“CIRP") is to resolve the CD.

## Issues and analysis

### Issue 1: Whether the CIRP against the CD ought to have been …

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

…

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

…

**Interpretation:** The Tribunal interpreted the law to mean that CIRP should be project-specific

…

**Application:** The Tribunal modified the order of the Adjudicating Authority to confine the

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Navin M.…; Respondent Nos.1…
- **Respondents:** M/s. Raheja…; Vipul…
- **Other parties:** Manindra Kumar…; Suspended…
- **Advocates:** Abhijeet…; P. Na…; +24 more

## Timeline

- **19.11.2024 — Order by Adjudicating…**: The Adjudicating Authority passed an order admitting Section 7 petition filed by…
- **21.11.2024 — Tribunal's Cons…**: The Appeal came for…

## 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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