# In the matter of Shristi Infrastructure Development Corporation Limited vs. Housing and Urban Development Corporation Limited & Ors.

> NCLAT judgment dated 2025-03-25. Citation: TCN-2025-NCLAT-00146. This is an appeal filed by a Promoter of the Corporate Debtor challenging the order dated…

- **Court:** NCLAT
- **Order date:** 25 Mar 2025
- **Citation:** TCN-2025-NCLAT-00146
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shristi-infrastructure-development-corporation-limited-vs-housing-and-urban-deve-ad06efd8

## Summary

### Background

This is an appeal filed by a Promoter of the Corporate Debtor challenging the order dated 20.12.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which rejected I.A. No.693/KB/2024 filed by the Appellant to recall the order dated 30.08.2023 passed by the Adjudicating Authority. The Corporate Debtor, Sarga Udaipur Hotels & Resorts Private Limited, had entered into a loan agreement with Housing and Urban Development Corporation Limited (HUDCO) for Rs.6907.92 Lakhs. HUDCO was empowered to appoint a Nominee Director in the Board of the Corporate Debtor. The Corporate Debtor filed an application under Section 10 of the I&B Code, and CIRP commenced against the Corporate Debtor by order dated 29.04.2022. HUDCO filed a

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## Facts

The Corporate Debtor, Sarga Udaipur Hotels & Resorts Private Limited, entered into a loan agreement with HUDCO for Rs.6907.92 Lakhs. HUDCO was empowered to appoint a Nominee Director in the Board of the Corporate Debtor. The Corporate Debtor filed an application under Section 10 of the I&B Code, leading to the commencement of CIRP. HUDCO filed a claim in the CIRP for Rs.23,82,02,414/-, and the Resolution Professional admitted Rs.20,60,55,675/-. The Resolution Professional initially refused to include HUDCO in the CoC, considering it a related party under Section 5(24) of the I&B Code. HUDCO filed I.A. No. 514/KB/2022 seeking direction to be included in the CoC. The Adjudicating Authority allowed HUDCO's application on 30.08.2023, holding that HUDCO is not a

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the application for recall of its order …

**Ratio:** The power to recall a judgment can be exercised when any procedural error is committed in

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**Reasoning:** The Adjudicating Authority considered the grounds for recall and referred to the judgment

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**Interpretation:** The power to recall a judgment is distinct from the power to review it. Recall

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**Application:** In this case, the Tribunal found that the Adjudicating Authority had considered

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Shristi Infrastruc…
- **Respondents:** Sarga Udaipur…; Sarga Udaipur…; +1 more

## Timeline

- **2021-07-30 — Section 10 App…**: Sarga Udaipur Hotels & Resorts Private Limited (Corporate Debtor) filed a Section 10…
- **2022-04-29 — CIRP Commen…**: Adjudicating Authority admitted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(24) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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