# In the matter of Piya Puri & Ors. Vs. Mr. Debhashish Nanda & Ors. Company Appeal (AT)(Insolvency) No. 906 of 2022

> NCLAT judgment dated 2022-08-24. Citation: TCN-2022-NCLAT-00266. The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an…

- **Court:** NCLAT
- **Order date:** 24 Aug 2022
- **Citation:** TCN-2022-NCLAT-00266
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/piya-puri-ors-vs-mr-debhashish-nanda-ors-company-appeal-f150e26a

## Summary

### Background

The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated 30.05.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-V) in IA No. 324 of 2022 and IA No. 572 of 2022 in Company Petition No.(IB)-923(PB)/2019. The Adjudicating Authority had allowed I.A. No. 324/2022 and approved the Resolution Plan of the Corporate Debtor submitted by the Resolution Professional under Section 31(1) of the IBC, while dismissing IA No. 572/2022 filed by the Appellants as members of Financial Creditors challenging irregularities by the Resolution Professional and the Authorised Representative of Financial Creditors in the Corporate Insolvency Resolution Process (CIRP). The Appellants sought to set aside the

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## Facts

Oriental Bank of Commerce, a Financial Creditor of Venta Realtech Private Limited (Corporate Debtor), initiated CIRP under Section 7 of the IBC, which was admitted on 20.05.2019. Mr. Debashish Nanda was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional on 17.06.2019. The IRP made a public announcement and constituted a CoC, including Homebuyers represented by Mr. G. Satya Narayana Guddeti. The 180-day CIRP period expired on 16.11.2019, and the Adjudicating Authority extended it. Adani Infrastructure & Developers Private Ltd. submitted a Resolution Plan approved by the CoC on 29.07.2020 with 98.58% votes. The Adjudicating Authority directed on 06.01.2022 that the Resolution Plan be remanded to the CoC for fresh

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in approving the Resolution Plan despite alleged material …

**Ratio:** The rules of procedure are handmaids of justice, and the object and intent of such

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**Reasoning:** The Tribunal considered that the procedural compliance by the Resolution Professional and

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**Interpretation:** This emphasizes that procedural rules should serve justice and not obstruct the

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**Application:** The Tribunal applied this principle by finding that the alleged procedural

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Piya…
- **Respondents:** Venta Realtech…; Debhashish…

## Timeline

- **2019-05-20 — CIRP Init…**: Application under Section 7 of IBC…
- **2019-11-16 — CIRP Period…**: The initial 180-day…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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