# In the matter of Shankar Khandelwal vs. Omkara Asset Reconstruction Pvt. Ltd.

> NCLAT judgment dated 2025-10-15. Citation: TCN-2025-NCLAT-00542. The appeals were filed by the erstwhile director of the Corporate Debtor challenging the…

- **Court:** NCLAT
- **Order date:** 15 Oct 2025
- **Citation:** TCN-2025-NCLAT-00542
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shankar-khandelwal-vs-omkara-asset-reconstruction-pvt-ltd-8c9387e4

## Summary

### Background

The appeals were filed by the erstwhile director of the Corporate Debtor challenging the Adjudicating Authority (NCLT), Jaipur's order dated 22.01.2025, which admitted two independent petitions for initiating CIRP under Section 7 of the IBC against the same financial creditor.

## Facts

Two loans were advanced by M/s Diwan Housing Finance Corporation Ltd (DHFL) to the Corporate Debtor (CD).

The CD defaulted in repaying both the loans, leading DHFL to issue separate notices.

DHFL itself underwent CIRP, and its resolution plan was approved.

Piramal Capital, the SRA of DHFL, assigned the two loans to Omkara Asset Reconstruction Pvt. Ltd.

Prior to the assignment, the CD faced a CIRP proceeding which was later set aside.

Omkara Asset Reconstruction Pvt. Ltd. initiated CIRP proceedings against the CD under Section 7 of the IBC.

The appellant's defense was based on the limitation period, arguing that the petitions were filed after the expiry of the limitation period.

The Adjudicating Authority admitted the petitions, leading to the current appeals.

## Issues and analysis

### Issue 1: Whether admission of a Claim by the RP in an earlier CIRP proceeding against the CD would …

**Ratio:** Admission of a claim by the RP in an earlier CIRP does constitute an acknowledgement of

…

**Reasoning:** The IRP/RP is authorized to act on behalf of the CD and manage its affairs. Admitting a

…

**Interpretation:** The acknowledgement of debt by the RP provides a fresh start for the limitation

…

**Application:** In this case, the admission of the claim by the RP in the first CIRP provides a

…

## Parties

- **Judges:** N. Sesha…; Arun Ba…
- **Appellants:** Shankar Kha…
- **Respondents:** Sanwariyaji…; Shrinathji…; +3 more
- **Other parties:** Diwan Housing…
- **Advocates:** Sunil Fer…; Prakul Kh…; +3 more

## Timeline

- **10.09.2014 — Loan Sanc…**: A loan of Rs.12.0 crores…
- **25.09.2014 — Second Loan Sa…**: A second loan of Rs. 11.0…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(6) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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