# Somani Worsted Limited vs. Mr. Amit Aggarwal (Resolution Professional of Celebration City Projects Private Limited)

> NCLAT judgment dated 2026-09-01. Citation: TCN-2026-NCLAT-00258. Somani Worsted Limited (Appellant) challenged an NCLT order that upheld the Resolution…

- **Court:** NCLAT
- **Order date:** 1 Sept 2026
- **Citation:** TCN-2026-NCLAT-00258
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/somani-worsted-limited-vs-mr-amit-aggarwal-nwuhz

## Summary

### Background

Somani Worsted Limited (Appellant) challenged an NCLT order that upheld the Resolution Professional's (RP) decision to unilaterally delete its admitted claim from the list of creditors during the CIRP of Celebration City Projects Private Limited (Corporate Debtor). The Appellant had initially invested Rs.9.77 Crores for commercial space in the Corporate Debtor's project, routed through AEZ Infratech Private Limited, and its claim was provisionally admitted by the RP. However, following an objection from a related party, the RP re-evaluated and rejected the claim, leading to the Appellant's removal from the Committee of Creditors.

## Facts

A Memorandum of Understanding (MoU) was executed on 08.01.2010 between Somani Worsted Limited (Appellant) and AEZ Infratech Private Limited (now ADTV Communications Private Limited) for booking commercial space.

The Appellant advanced Rs.13,60,00,000/- to AEZ on 12.01.2010 for the booking.

AEZ subsequently expressed inability to procure land for the proposed project.

Through an Inter-Corporate Memo dated 04.10.2010, AEZ Infratech Private Limited proposed investing a part of the advanced amount into a project developed by Celebration City Projects Private Limited (Corporate Debtor).

The Appellant agreed via its own Inter-Corporate Memo on 04.10.2010 to invest Rs.9,77,00,000/- (already with AEZ) in the Corporate Debtor's project.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority rightly upheld such rejection by holding that the Appellant …

**Ratio:** An independent and legally enforceable financial debt must be established by clear

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**Reasoning:** The Tribunal found that the original payment was made to AEZ, not directly to the

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**Interpretation:** Section 5(8)(f) of the IBC requires a transaction to have the "commercial

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**Application:** In this case, the Appellant failed to provide independent evidence of direct

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## Parties

- **Judges:** N. Sesha…; Arun Ba…; +1 more
- **Appellants:** Somani Worsted…
- **Respondents:** Celebration City…; Amit Aggarwal…
- **Other parties:** Committee of…; Aditya…; +4 more
- **Advocates:** Vivek K…; Nikita Mahe…; +8 more

## Timeline

- **2010-01-08 — Initial Memorandum of…**: Memorandum of Understanding executed between Somani Worsted Limited (Appellant) and AEZ…
- **2010-01-12 — Fund Advance…**: Appellant advanced Rs.13,60,00,000/- to AEZ…

## 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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