# In the matter of Aegis Value Homes Ltd. IA-4981 & 5731-ND-20222 in Company Petition No. (IB)-2900-ND-2019

> NCLT judgment dated 2022-12-20. Citation: TCN-2022-NCLT-00094. The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 20 Dec 2022
- **Citation:** TCN-2022-NCLT-00094
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aegis-value-homes-ltd-ia-4981-5731-nd-20222-in-company-petition-no-ib-2900-nd-20-47d1df3c

## Summary

### Background

The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, concerning the Corporate Insolvency Resolution Process (CIRP) initiated against Aegis Value Homes Limited. Five homebuyers/real estate allottees ('Interveners') opposed the withdrawal of the CIRP, which was sought by the Interim Resolution Professional (IRP) based on a settlement with the original 13 financial creditors. The NCLAT had granted an interim stay on the CIRP admission order. The IRP submitted a list of claims received from creditors. The original petitioners (13 homebuyers) and the corporate debtor reached a settlement, leading the IRP to file an application seeking withdrawal of the Company Petition under Section 12A of the Code.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Aegis Value Homes Limited based on a petition filed under Section 7 of the IBC, 2016, by a class of creditors/real estate allottees. The petition was admitted on 22.09.2022. Ms. Hemi Gupta was appointed as the Interim Resolution Professional (IRP). Before the interveners could file their claims, 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 Section 7 applicant home buyers (13 in numbers), ignoring the other 107 homebuyers. The IRP submitted a list of claims, including one from an operational creditor and another from a home buyer. All 13 financial creditors and the corporate debtor executed a

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## Issues and analysis

### Issue 1: Whether the application filed by the …

**Ratio:** The Hon'ble Supreme Court has held that at any stage before a Committee of Creditors

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**Reasoning:** The court observed that the interveners do not have any locus to object to the

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**Interpretation:** The interpretation of Section 12A of the IBC and Rule 11 of the NCLT Rules

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**Application:** In this case, the application for withdrawal was filed before the constitution

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## Parties

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

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No.…
- **2022-09-22 — CIRP Admissio…**: CIRP was initiated against…

## 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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