# In the matter of Ashiana Landcraft Realty Pvt. Ltd.

> NCLT judgment dated 2023-09-27. Citation: TCN-2023-NCLT-01447. The document pertains to three Interlocutory Applications (IAs) filed under the Insolvency and…

- **Court:** NCLT
- **Order date:** 27 Sept 2023
- **Citation:** TCN-2023-NCLT-01447
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ashiana-landcraft-realty-pvt-ltd-460d7666

## Summary

### Background

The document pertains to three Interlocutory Applications (IAs) filed under the Insolvency and Bankruptcy Code (IBC) in connection with a Corporate Insolvency Resolution Process (CIRP) initiated via C.P(IB) No. 666/KB/2020. The IAs are IA(IBC/ 568(KB)/2023, IA(IBC/ 620/(KB)/2023, and IA(IBC) No. 1359 (/KB)/2023. IA 568 sought a direction to accept a claim, IA 620 sought declaration of the resolution plan as deficient and directions related to resolution for dissenting allottees, and IA 1359 sought condonation of delay in claim submission and direction to admit claims.

## Facts

The case involves three Interlocutory Applications (IAs) filed in connection with C.P(IB) No. 666 /KB/2020 under the Insolvency and Bankruptcy Code, 2016. IA(IBC) No. 568(/KB)/2023 was filed by Ms. Jaya Gupta seeking a direction to accept her claim. IA(IBC/ 620/(KB)/2023 was filed by Komal Saluja seeking declaration of the resolution plan as deficient and directions related to resolution for dissenting allottees. IA(IBC) No. 1359 (/KB)/2023 was filed by Mr. Jai Kishan Taneja and Mrs. Kanchan Taneja seeking condonation of delay in claim submission and direction to admit claims. Jayesh Natvarlal Sanghrajka, the Resolution Professional of Ashiana Landcraft Realty, was the respondent in all three IAs. The key fact is that the resolution plan in C.P(IB). No. 666 /KB/2020

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## Issues and analysis

### Issue 1: Whether IA(IBC) No. 568(/KB)/2023, seeking a direction to accept a claim, is maintainable given the …

**Ratio:** The approval of a resolution plan under the IBC binds all stakeholders, including

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**Reasoning:** The court reasoned that since the resolution plan in C.P(IB). No. 666 /KB/2020 had

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**Interpretation:** The interpretation is that once a resolution plan is approved, it governs the

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**Application:** The ratio and reasoning were applied to the specific facts of IA(IBC) No.

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Appellants:** Ms.Jaya…
- **Respondents:** Ashiana Landcraft…; Jayesh Natvarlal…

## Timeline

- **2020-01-01 — Initiation…**: Corporate Insolvency Resolution Process…
- **2023-08-21 — Date of H…**: Hearing held on…

## 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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