# In the matter of Vikram Puri & Anr. (Suspended Directors)
Vs.
Universal Buildwell Pvt. Ltd. through Resolution Professional  Company Appeal (AT) (Insolvency) No. 794 of 2022
&
I.A. No. 2124 of 2022

> NCLAT judgment dated 2022-07-26. Citation: TCN-2022-NCLAT-00324. The case involves an appeal against an order dated 04th March, 2022, where I.A. No. 5312 of…

- **Court:** NCLAT
- **Order date:** 26 Jul 2022
- **Citation:** TCN-2022-NCLAT-00324
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vikram-puri-anr-suspended-directors-vs-universal-buildwell-pvt-ltd-through-resol-2c28927a

## Summary

### Background

The case involves an appeal against an order dated 04th March, 2022, where I.A. No. 5312 of 2021 filed by the Appellant was rejected. The Appellants, who are suspended directors of the Corporate Debtor, filed the I.A. seeking reliefs to direct the Resolution Professional to forward their proposal dated 12th October, 2021, to the Committee of Creditors and to call for a meeting to discuss and vote on the proposal. The Committee of Creditors had already approved a Resolution Plan on 11.11.2019, and an application to approve the plan was filed by the Resolution Professional before the Adjudicating Authority, which remitted the plan back to the Committee of Creditors on 11th June, 2021, for certain limited issues.

## Facts

Vikram Puri & Anr., the Appellants, are suspended directors of Universal Buildwell Pvt. Ltd., the Corporate Debtor. They filed an I.A. seeking to direct the Resolution Professional to forward their proposal dated 12th October, 2021, to the Committee of Creditors (CoC) and to convene a meeting for its discussion and voting. The CoC had already approved a Resolution Plan on 11.11.2019, which was then remitted back to the CoC by the Adjudicating Authority on 11th June, 2021, for specific issues. The Appellants' proposal was claimed to be a better financial proposal and beneficial to the Home Buyers. The Adjudicating Authority rejected the I.A., leading to the current appeal. The Appellants argued their eligibility to submit a Resolution Plan under Section 32A of the

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## Issues and analysis

### Issue 1: Whether the suspended directors are eligible to submit a resolution plan under the Insolvency and …

**Ratio:** Section 32A of the IBC does not grant suspended directors the right to submit a

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**Reasoning:** The court reasoned that Section 32A pertains to the liability for prior offenses and does

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**Interpretation:** Section 32A is interpreted as a provision addressing the cessation of liability

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**Application:** The court applied the ratio by determining that since the Appellants are

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Vikram…
- **Respondents:** Universal…

## Timeline

- **2019-11-11 — Resolution Plan…**: The Committee of Creditors…
- **2021-06-11 — Resolution Plan…**: The Adjudicating Authority remitted the Resolution Plan back to the Committee of…

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