# In the matter of Vijay Kumar Pasricha vs. Manish Kumar Gupta I.A. No. 1987 of 2020, 2187, 2513 of 2021 & 3239 of 2022 in Company Appeal (AT) (Ins.) No. 926 of 2019

> NCLAT judgment dated 24 Mar 2023. Citation: TCN-2023-NCLAT-00657. The present interlocutory application was filed by Mr. Vijay Kumar Pasricha, an allottee in…

- **Court:** NCLAT
- **Order date:** 24 Mar 2023
- **Citation:** TCN-2023-NCLAT-00657
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vijay-kumar-pasricha-vs-manish-kumar-gupta-ia-no-1987-of-2020-2187-2513-of-2021-6acc7334

## Summary

### Background

The present interlocutory application was filed by Mr. Vijay Kumar Pasricha, an allottee in the "Monsoon Breeze II" project, seeking clarification and directions regarding an earlier order of the Appellate Tribunal dated February 4, 2020. This earlier order was passed in an appeal against the Adjudicating Authority's admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) against Umang Realtech Pvt. Ltd. (the Corporate Debtor) for its "Winter Hills 77 Gurgaon" project. The Adjudicating Authority had initiated the Corporate Insolvency Resolution Process (CIRP) and declared a moratorium on August 20, 2019.

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## Facts

An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was filed by Mrs. Rachna Singh and Mr. Ajay Singh, who were homebuyers in the "Winter Hills 77 Gurgaon" project developed by Umang Realtech Pvt. Ltd. (the Corporate Debtor). The application sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal, New Delhi, Principal Bench) admitted the application on August 20, 2019, and declared a moratorium under Section 14 of the IBC.

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## Issues and analysis

### Issue 1: Whether the 'Reverse CIRP' mechanism, as introduced by the Appellate Tribunal's order dated…

**Ratio:** The 'Reverse CIRP' mechanism, when introduced by the Appellate Tribunal in the context of…

**Reasoning:** The Appellate Tribunal reasoned that its earlier order dated February 4, 2020, which…

**Interpretation:** The court interpreted its previous order as establishing a 'Reverse CIRP' that…

**Application:** Applying this interpretation to the facts, the Appellate Tribunal concluded…

## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…
- **Advocates:** For Appel…; Manoj Kumar,…

## Timeline

- **September 26, 2014 — Builder Buyer's…**: Appellant Mr. Vijay Kumar Pasricha entered into a Builder Buyer's Agreement with Umang…
- **June 29, 2018 — Handover De…**: Deadline for handing over the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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