# In the matter of Aegis Value Homes Limited I.A-5731-ND-2022 in Company Petition No. (IB)-2900 (ND)-2019]

> NCLT judgment dated 2022-12-20. Citation: TCN-2022-NCLT-00095. The case involves an application (I.A./5731/ND/2022) in a Company Petition (IB)-2900 (ND)/2019…

- **Court:** NCLT
- **Order date:** 20 Dec 2022
- **Citation:** TCN-2022-NCLT-00095
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aegis-value-homes-limited-ia-5731-nd-2022-in-company-petition-no-ib-2900-nd-2019-a3e610dc

## Summary

### Background

The case involves an application (I.A./5731/ND/2022) in a Company Petition (IB)-2900 (ND)/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The application is preferred on behalf of 5 homebuyers/real estate allottees ('Interveners') of M/s. Aegis Value Homes Limited ('Corporate Debtor'). The interveners are opposing the prayers sought in application I.A. 4981(ND)/2022 filed by Ms. Hemi Gupta, the Interim Resolution Professional (IRP) of the Corporate Debtor, seeking withdrawal of the company petition CP IB No. 2900(ND) of 2019 under Section 12A of the IBC. The CIRP was initiated against Aegis Value Homes Limited after a petition filed under Section 7 of the Code, 2016, by 13 financial creditors/real estate allottees was admitted on 22.09.2022. The

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## Facts

A Company Petition (IB)-2900 (ND)/2019 was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by 13 financial creditors/real estate allottees against M/s. Aegis Value Homes Limited ('Corporate Debtor'). The petition was admitted on 22.09.2022, initiating the Corporate Insolvency Resolution Process (CIRP). Ms. Hemi Gupta, the Interim Resolution Professional (IRP), made a public announcement on 23.09.2022. The interveners, who are homebuyers/real estate allottees, were in the process of filing their claims with the IRP. However, the NCLAT granted an interim stay on the CIRP admission order on 29.09.2022. The suspended management of the corporate debtor allegedly settled with the original 13 Section 7 applicant home buyers, ignoring the other 107

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## Issues and analysis

### Issue 1: Whether the interveners have the locus to object to the application for withdrawal of the Company …

**Ratio:** Before the constitution of the Committee of Creditors (CoC), a party can approach the

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**Reasoning:** The court observed that the application for withdrawal was filed before the constitution

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**Interpretation:** The legal principle establishes that the NCLT has the authority to decide on

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**Application:** Since the application for withdrawal was filed before the constitution of the

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## Parties

- **Judges:** P.S.N. P…; BINOD KUMAR…
- **Appellants:** GITASHA KHANNA &…
- **Respondents:** AEGIS VALUE HOMES…; M/S. AEGIS VALUE…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No.…
- **2022-09-22 — CIRP Admi…**: The petition was admitted, and CIRP was…

## 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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