# In the matter of Shri Krishna Structure Pvt. Ltd. vs. Ateev Gala & Ors.

> NCLAT judgment dated 2025-08-01. Citation: TCN-2025-NCLAT-00427. The appeal was filed against an order dated 1st December 2023, where IA No.2593/2023 filed…

- **Court:** NCLAT
- **Order date:** 1 Aug 2025
- **Citation:** TCN-2025-NCLAT-00427
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-principal-bench/shri-krishna-structure-pvt-ltd-vs-ateev-gala-ors-12e03e50

## Summary

### Background

The appeal was filed against an order dated 1st December 2023, where IA No.2593/2023 filed under Section 60(5) of the IBC by Respondent No.1 was allowed, and IA 2145/2023 seeking approval of the Resolution Plan was rejected. The appellant is the Successful Resolution Applicant (SRA) of the Corporate Debtor, M/s Vijay Citispace Pvt Ltd.

## Facts

The Ld. NCLT admitted CP (IB) 3352/2023 under Section 9 of the IBC filed by one Regency Ispat Pvt Ltd (Operational Creditor) against M/s Vijay Citispace Pvt Ltd and had directed the commencement of CIRP against the Corporate Debtor and appointed Respondent No.2 as an Interim Resolution Professional.

The Committee of Creditors approved the publication of Form G – Invitation for Expression of Interest (“Eol”) and the eligibility criteria for prospective Resolution Applicants.

The NCLT disqualified the Appellant as a Successful Resolution Applicant (“SRA”) in the CIRP of Corporate Debtor M/s Vijay CitispacePvt. Ltd. (“CD”) on the ground of it being barred under Section 29A(e) and (j), IBC.

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## Issues and analysis

### Issue 1: Whether the Appellant is disqualified under Section 29A(e) and (j) of the IBC due to Mr. Anil Gupta …

**Ratio:** Section 29A of the IBC specifies the persons not eligible to be resolution applicants,

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**Reasoning:** The NCLT disqualified the Appellant based on the premise that Mr. Anil Gupta, whose

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**Interpretation:** The NCLAT interpreted Section 29A(j) to debar only such connected persons who

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**Application:** The NCLAT found no cogent or credible evidence to establish the

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## Parties

- **Judges:** Yogesh K…; Ajai Das Me…
- **Appellants:** Krishna Structure…
- **Respondents:** Vijay Citispace…; Ateev…; +2 more
- **Other parties:** Committee of…; Regency Ispat…
- **Advocates:** Ravi Pr…; Aman M…; +14 more

## Timeline

- **2023-12-01 — Impugned…**: The NCLT passed an order allowing IA No.2593/2023 and rejecting IA 2145/2023, leading to…
- **2021-07-20 — Admission o…**: The Ld. NCLT admitted CP (IB) 3352/2023 under Section 9 of the IBC filed by one Regency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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