# In the matter of Shobhana Thakkar & Ors. vs. Monitoring Committee of Ashiana Landcraft Realty Pvt. Ltd.

> NCLAT judgment dated 2025-08-20. Citation: TCN-2025-NCLAT-00438. The appeal was filed against the order dated 11.06.2024 passed by the National Company Law…

- **Court:** NCLAT
- **Order date:** 20 Aug 2025
- **Citation:** TCN-2025-NCLAT-00438
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shobhana-thakkar-ors-vs-monitoring-committee-of-ashiana-landcraft-realty-pvt-ltd-23192090

## Summary

### Background

The appeal was filed against the order dated 11.06.2024 passed by the National Company Law Tribunal, Kolkata, which dismissed IA No. 237/KB/2024 in CP (IB) No. 666/(KB)/2020. The appellants, NCD holders of Ashiana Landcraft Realty Pvt. Ltd., claimed they were denied their rightful dues under the approved resolution plan.

## Facts

CIRP of Ashiana Landcraft Realty Pvt. Ltd. was initiated on 11.01.2022.

Jayesh Sanghrajka was appointed as the IRP and later confirmed as RP.

188 investors (NCD holders) invested approximately Rs. 80 Crore in the CD under a Portfolio Management Scheme facilitated by Piramal Fund Manager.

These NCDs were secured with IDBI Trusteeship, appointed as a trustee for NCD holders.

During CIRP, the claim of Rs. 146.92 Crore was admitted by the RP.

The resolution plan submitted by the Resolution Applicant proposed to pay Rs. 16,10,87,665/- (21.47% of the total debt) to the PMS.

The CoC included IDBI Trusteeship Services- Piramal Fund Manager with 13.5% voting share.

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## Issues and analysis

### Issue 1: Whether the NCLT erred in rejecting the application of the appellants for release of Rs. 16.10 …

**Ratio:** The NCLT did not err in rejecting the application because the appellants had already

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**Reasoning:** The appellants were attempting to receive the money due to them twice, both under the

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**Interpretation:** The Hon'ble High Court of Delhi's orders clearly indicated that the settlement

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**Application:** The appellate tribunal applied the principle that a party cannot approbate and

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## Parties

- **Judges:** Mohd. Faiz Alam…; Naresh Sa…
- **Appellants:** Shobhana T…; Niranjan Chotalal…; +9 more
- **Respondents:** Ashiana Landcraft…; Monitoring…; +2 more
- **Other parties:** Jayesh Sang…
- **Advocates:** Vinod Cha…; Prince…; +4 more

## Timeline

- **2022-01-11 — CIRP Init…**: CIRP of Ashiana Landcraft…
- **2023-08-11 — Resolution Plan…**: Resolution Plan approved by…

## 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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