# In the matter of Vigneshwara Developers Pvt. Ltd.

> NCLT judgment dated 2025-03-12. Citation: TCN-2025-NCLT-01055. An application was filed by the Interim Resolution Professional (IRP) seeking discharge from…

- **Court:** NCLT
- **Order date:** 12 Mar 2025
- **Citation:** TCN-2025-NCLT-01055
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/vigneshwara-developers-pvt-ltd-b3c6f986

## Summary

### Background

An application was filed by the Interim Resolution Professional (IRP) seeking discharge from their function due to a scheme of creditors approved by the Hon'ble High Court of Delhi and subsequent orders by the NCLAT.

## Facts

The IRP filed an application seeking discharge from their function.

The Hon'ble High Court of Delhi approved a scheme of creditors.

The NCLAT adjourned the appeal against the admission of CIRP sine die.

The Hon'ble High Court of Delhi stayed the further CIRP process.

The CoC has not been constituted due to the stay order.

Notice was issued to the Financial Creditor who initiated Section 7 petition.

## Issues and analysis

### Issue 1: Whether the IRP should be discharged from their function given the scheme of creditors approved by …

**Ratio:** The IRP's application for discharge is considered in light of the High Court's approval

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**Reasoning:** The court acknowledges the circumstances where the CIRP process is stalled due to the

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**Interpretation:** The court interprets the legal implications of the High Court's orders on the

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**Application:** The court applies the principles of insolvency law and judicial precedent to

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAVINDRA CHATURVED…
- **Appellants:** Lavkash…
- **Respondents:** Vigneshwara…
- **Other parties:** Sundr K…

## Timeline

- **2020-01-27 — Order by High Court of…**: The Hon'ble High Court of Delhi…
- **2021-11-17 — Order by…**: The Hon'ble NCLAT passed an order in Company Appeal (AT) (INS)-1375/2019, adjourning 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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