# In the matter of Neeraj Walia vs. IDBI Trusteeship Services Limited & Anr.

> NCLAT judgment dated 2025-07-30. Citation: TCN-2025-NCLAT-00433. The appeal was filed against the order passed on 24.01.2024 by the National Company Law…

- **Court:** NCLAT
- **Order date:** 30 Jul 2025
- **Citation:** TCN-2025-NCLAT-00433
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/neeraj-walia-vs-idbi-trusteeship-services-limited-anr-24b8c03e

## Summary

### Background

The appeal was filed against the order passed on 24.01.2024 by the National Company Law Tribunal, New Delhi Bench, Court-IV, which admitted a Section 7 application filed by IDBI Trusteeship Service Limited, finding debt and default on the part of the Corporate Debtor, M/s Shipra Estate Limited.

## Facts

The National Company Law Tribunal (NCLT), New Delhi Bench, Court-IV admitted a Section 7 application filed by IDBI Trusteeship Service Limited against M/s Shipra Estate Limited.

The suspended board of directors of M/s Shipra Estate Limited filed an appeal against the NCLT order.

The appellant sought to settle the matter with the Financial Creditor, and the case was adjourned multiple times.

The Committee of Creditors (CoC) was constituted.

The appellant submitted a proposal under Section 12A of the IBC, but it was not acceptable to the CoC.

The interim order was extended multiple times.

The IRP returned the 12A proposal to the financial creditor due to certain shortcomings.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct …

**Ratio:** The Adjudicating Authority found debt and

…

**Reasoning:** The appellant's proposal for settlement

…

**Interpretation:** The admission of Section 7

…

**Application:** The court upheld the

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Neeraj…; Suspended Board…
- **Respondents:** Shipra Estate…; IDBI Trusteeship…
- **Other parties:** IDBI Trusteeship…
- **Advocates:** Abhishek…; Karan K…; +17 more

## Timeline

- **2024-01-24 — Order Pa…**: Order passed by National Company Law Tribunal, New Delhi Bench, Court-IV admitting…
- **2024-02-21 — Interim…**: Interim order was…

## 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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