# In the matter of Earhcon Universal Infratech Private Limited

> NCLT judgment dated 2024-04-09. Citation: TCN-2024-NCLT-01772. The case involves an application (IA-6032/2023) filed by Mr. Pankaj Thakur in the matter of…

- **Court:** NCLT
- **Order date:** 9 Apr 2024
- **Citation:** TCN-2024-NCLT-01772
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/earhcon-universal-infratech-private-limited-9ba140e2

## Summary

### Background

The case involves an application (IA-6032/2023) filed by Mr. Pankaj Thakur in the matter of IB-1348(ND)/2019, which pertains to the insolvency resolution process of M/s. Earthcon Universal Infratech Private Limited. The initial insolvency application under Section 7 of the IBC was filed by M/s. Nisus Finance & Investment Managers LLP & Anr. The application was admitted on 08.11.2020, and a moratorium was declared. Mr. Jitendra Arora was appointed as the Interim Resolution Professional, and later, Mr. Gaurav Katiyar was confirmed as the Resolution Professional. The resolution plan submitted by the consortium of M/s. D. S. Infraheights Private Limited and M/s. Anand Buildtech Private Limited was approved by the CoC on 19.08.2023. Mr. Pankaj Thakur's application

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## Facts

M/s. Nisus Finance & Investment Managers LLP & Anr. initiated insolvency proceedings against M/s. Earthcon Universal Infratech Private Limited under Section 7 of the IBC. The application was admitted on 08.11.2020. Mr. Jitendra Arora was initially appointed as the Interim Resolution Professional, followed by Mr. Gaurav Katiyar as the Resolution Professional. A resolution plan was submitted by the consortium of M/s. D. S. Infraheights Private Limited and M/s. Anand Buildtech Private Limited, which was approved by the CoC on 19.08.2023 with 70.18% voting share. Mr. Pankaj Thakur, claiming to be a director of M/s. D. S. Infraheights Pvt. Ltd., filed IA-6032/2023 alleging forgery and fraud by Mr. Shashank Gupta (Respondent No. 2) and Respondent No. 3, specifically

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## Issues and analysis

### Issue 1: Whether the execution of the consortium agreement by Respondent No. 3 with M/s. Anand Buildtech …

**Ratio:** The Articles of Association and Memorandum of Association of Respondent No. 3 Company

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**Reasoning:** The Adjudicating Authority perused Regulation 47 of the Articles of Association and

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**Interpretation:** This interprets the scope of powers granted to a company under its Articles and

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**Application:** The court applied this interpretation to the specific Articles and Memorandum

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## Parties

- **Judges:** ATUL CHAT…; BACHU VENKAT…
- **Appellants:** PANKAJ T…
- **Respondents:** M/s. EARTHCON…; Gaurav Ka…

## Timeline

- **2020-11-08 — Admission of Insolvency…**: Application under Section 7 of IBC filed by M/s. Nisus Finance & Investment Managers LLP…
- **2023-08-19 — Approval of Resolution…**: The Resolution Plan submitted by the consortium of M/s. D. S. Infraheights Private…

## 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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