# Rajeev Bhambri, Resolution Professional of Future Colonizers & Construction Limited vs. Mr. Mohit Chawla, Resolution Professional of Chandigarh Overseas Private Limited

> NCLT judgment dated 2026-07-10. Citation: TCN-2026-NCLT-00681. The Applicant, Rajeev Bhambri, Resolution Professional of Future Colonizers & Construction…

- **Court:** NCLT
- **Order date:** 10 Jul 2026
- **Citation:** TCN-2026-NCLT-00681
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rajeev-bhambri-resolution-professional-of-future-colonizers-construction-limited-5yalz

## Summary

### Background

The Applicant, Rajeev Bhambri, Resolution Professional of Future Colonizers & Construction Limited, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a copy of the complete resolution plan or relevant extracts for Chandigarh Overseas Private Limited (Corporate Debtor). The Applicant had previously invested Rs. 19.17 Crores in a joint venture with the Corporate Debtor and claimed Rs. 135.94 Crores as a financial creditor. However, the Corporate Debtor's Resolution Professional (Respondent) rejected this claim, classifying it as operational debt and the Applicant as a 'related party'. This classification was upheld by the Tribunal in a prior order dated 13.03.2026, which dismissed IA No. 1148 of 2024. The Applicant, also

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## Facts

Chandigarh Overseas Private Limited (Corporate Debtor) was admitted into CIRP via order dated 27.02.2023, with Mr. Arvind Kumar appointed as IRP and subsequently confirmed as RP.

Future Colonizers & Construction Limited (Applicant Company) was admitted into CIRP via order dated 13.10.2022, with Mr. Rajeev Bhambri appointed as IRP and later confirmed as RP.

The Applicant entered into a Joint Venture Agreement dated 08.01.2013 with the Corporate Debtor for project development, requiring an investment of Rs. 40 Crores.

In consideration of the investment, the Applicant was granted exclusive rights to 55 flats and 12 penthouses in Towers D-1 to D-12.

The Corporate Debtor acknowledged receipt of Rs. 19.17 Crores invested by the Applicant via receipt dated 28.01.2014.

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## Issues and analysis

### Issue 1: Whether the Applicant, classified as an 'Other Creditor – Related Party', possesses a statutory or …

**Ratio:** A Resolution Plan constitutes a confidential document until its approval by the

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**Reasoning:** The statutory framework of the Insolvency and Bankruptcy Code, 2016, specifically Section

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**Interpretation:** The term 'participants' in CoC meetings is strictly interpreted to exclude

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**Application:** The Applicant has been definitively classified as an 'Other Creditor – Related

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## Parties

- **Judges:** KHETRABASI…; SHISHIR AGARWAL,…
- **Appellants:** Rajeev Bhambri,…; Rajeev Bh…; +1 more
- **Respondents:** Chandigarh…; Mohit Chawla,…
- **Other parties:** CoC of Future…; CoC of Chandigarh…; +4 more
- **Advocates:** Karanveer…; Atul V.…; +1 more

## Timeline

- **2013-01-08 — Joint Venture…**: Applicant (Future Colonizers & Construction Limited) entered into a Joint Venture…
- **2014-01-28 — Investment Ack…**: Corporate Debtor acknowledged receipt of Rs.…

## 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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