# In the matter of Phoenix ARC Pvt. Ltd. vs. Ajit Gyanchand Jain & Ors.

> NCLAT judgment dated 2025-09-12. Citation: TCN-2025-NCLAT-00478. Phoenix ARC Pvt. Ltd. filed an appeal against the order dated 24.04.2023 passed by the…

- **Court:** NCLAT
- **Order date:** 12 Sept 2025
- **Citation:** TCN-2025-NCLAT-00478
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/phoenix-arc-pvt-ltd-vs-ajit-gyanchand-jain-ors-084f1b31

## Summary

### Background

Phoenix ARC Pvt. Ltd. filed an appeal against the order dated 24.04.2023 passed by the Adjudicating Authority (NCLT, Principal Bench, New Delhi) in IA No.702/2022 in CP(IB) No.300(PB)/2020, which approved the Resolution Plan for Sare Gurugram Pvt. Ltd.

## Facts

Sare Gurugram Pvt. Ltd. is a corporate debtor engaged in the construction and development of real estate projects.

Sun Agrifresh Industries Pvt. Ltd. (Borrower) approached Bajaj Finance Ltd. for financial facilities for seven flats developed by Sare Gurugram.

Bajaj Finance Ltd. advanced Rs.6,65,08,737/- to Sun Agrifresh Industries against an equitable mortgage.

A Tripartite Agreement was entered between the Borrower, Corporate Debtor, and Bajaj Finance Ltd. in July 2015.

Asset Care and Reconstruction Enterprises Ltd. (ACREL) filed an application under Section 7 of IBC against the Corporate Debtor.

CIRP commenced against the Corporate Debtor on 09.03.2021.

Ajit Gyanchand Jain was appointed as Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the Appellant's claim should have …

**Ratio:** The NCLAT held that the Appellant filed its claim as an 'other creditor' and did not

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**Reasoning:** The Appellant's initial claim was filed as an 'other creditor', and the Appellant did not

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**Interpretation:** The categorization of a creditor's claim is determined based on the initial

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**Application:** In this case, the Appellant's failure to challenge its categorization as an

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Phoenix ARC Pvt.…
- **Respondents:** Sare Gurugram Pvt…; Ajit Gyanchand…
- **Other parties:** Sun Agrifresh…
- **Advocates:** Gulshan Kr.…; Pankaj…; +6 more

## Timeline

- **2020 — Company Pe…**: Company Petition No.:…
- **2021-03-09 — CIRP Commen…**: Corporate Insolvency Resolution Process…

## 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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