# In the matter of Satish Chander Verma vs. Grand Reality Pvt. Ltd. & Ors.

> NCLAT judgment dated 2025-07-15. Citation: TCN-2025-NCLAT-00321. The appeal was filed against an order dated 14.02.2023 passed by the NCLT, New Delhi Bench IV…

- **Court:** NCLAT
- **Order date:** 15 Jul 2025
- **Citation:** TCN-2025-NCLAT-00321
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/satish-chander-verma-vs-grand-reality-pvt-ltd-ors-970e8976

## Summary

### Background

The appeal was filed against an order dated 14.02.2023 passed by the NCLT, New Delhi Bench IV in CP(IB) No. 223 of 2022, titled 'Kaushal Deshmukh & Ors. vs. Grand Reality Pvt. Ltd.' under Section 7 of the IBC, 2016.

## Facts

The appeal challenges an order passed by the NCLT, New Delhi Bench IV in CP(IB) No. 223 of 2022.

The Tribunal allowed an Intervention Application (IA No. 1832 of 2023) to resolve the issue and permitted Respondent No. 44 to proceed with construction.

The Respondent No. 44 completed construction and obtained Occupation Certificates.

The Appellant approached the Supreme Court, requesting the closure of the matter.

The RP filed an updated affidavit regarding pending claims.

The claims of Ayush Jain, Mukesh Kr. Agarwal, Rohita Dharanendra Hesi, and Usha Malik were reported to be satisfied.

The Income Tax Department's claim was addressed, with the department stating no objection to closing the CIRP.

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## Issues and analysis

### Issue 1: Whether the Tribunal can exercise its inherent power to close the CIRP proceedings in appropriate …

**Ratio:** The judgment of Hon'ble Supreme Court in GLAS Trust Company LLC Vs. BYJU Raveendran &

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**Reasoning:** The Tribunal considered the settlement between the parties, the completion of

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**Interpretation:** The Tribunal interpreted the Supreme Court's judgment to allow for the exercise

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**Application:** The Tribunal applied this interpretation to the present case, finding that the

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## Parties

- **Judges:** Yogesh K…; Indevar P…
- **Appellants:** Satish Chander…
- **Respondents:** Grand Reality…
- **Other parties:** Ayush…; Mukesh Kr.…; +5 more
- **Advocates:** Pooja M.…; Vivek K…; +17 more

## Timeline

- **2023-02-14 — Order Da…**: Date of the impugned order passed by the Ld. NCLT, New Delhi Bench IV in CP(IB) No. 223…
- **2023-09-26 — Tribunal…**: Date when the Tribunal allowed IA No. 1832 of 2023, permitting Respondent No. 44 to…

## 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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