# In the matter of Shomit Finance Ltd. vs. Devendra Singh (RP) and Ors.

> NCLAT judgment dated 2025-07-17. Citation: TCN-2025-NCLAT-00303. The appeal challenges an order dated 24.07.2024 passed by the National Company Law Tribunal…

- **Court:** NCLAT
- **Order date:** 17 Jul 2025
- **Citation:** TCN-2025-NCLAT-00303
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shomit-finance-ltd-vs-devendra-singh-5c3447f8

## Summary

### Background

The appeal challenges an order dated 24.07.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Bench (Court-II), concerning IA Nos.3926, 3596 & 3588 of 2023, IA Nos.3025, 3325 & 3330 of 2020 in Company Petition No.(IB)-1248(PB)/2018. The appellant is aggrieved by the Adjudicating Authority's order permitting the withdrawal of IA No.3926 of 2023, IA No.3325 of 2020, and IA No.3330 of 2020.

## Facts

The Corporate Debtor (CD) was allotted Plot No.GH-005 in Sector-110 for the development of a Group Housing Project named Lotus Panache.

The CD entered into an Agreement to Sell with the Appellant on 22.04.2016 for the sale of undeveloped area with rights to construct, promote, advertise, and sell shops for a consideration of Rs.32 crores.

The CD entered into a Deed of Settlement with M/s Lotus Panache Welfare Association for the sale of a shopping Arcade for Rs.32 crores on 09.07.2018.

CIRP commenced against the CD on 10.01.2019, following an application under Section 7 of the IBC.

A Resolution Plan submitted by SMV Agencies Pvt. Ltd. (Respondent No.3) was approved by the CoC with 80.13% vote share on 19.07.2020.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in permitting the withdrawal of IA No.3926 of 2023, …

**Ratio:** The Adjudicating Authority has the power to allow the withdrawal of applications if it

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**Reasoning:** The Adjudicating Authority considered the circumstances and the submissions of the

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**Interpretation:** The withdrawal of the applications does not necessarily imply approval of the

…

**Application:** The Tribunal upheld the Adjudicating Authority's decision to allow the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Shomit Finance…; Shomit Finance…; +1 more
- **Respondents:** Granite Gate…; Devendra Singh,…; +2 more
- **Other parties:** Devendra…
- **Advocates:** Sunil Fer…; Diksha…; +21 more

## Timeline

- **2016-04-22 — Agreement t…**: Agreement to Sell between CD and…
- **2018-07-09 — Deed of Set…**: CD entered into Deed of Settlement with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 46 — Relevant period for avoidable transactions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-46)

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