# In the matter of Earhcon Universal Infratech Private Limited

> NCLT judgment dated 2024-04-09. Citation: TCN-2024-NCLT-01774. 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-01774
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/earhcon-universal-infratech-private-limited-c463f748

## Summary

### Background

The case involves an application (IA-6032/2023) filed by Mr. Pankaj Thakur in the matter of IB-1348(ND)/2019, which is related 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. against Earthcon, and it was admitted on 08.11.2020. 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 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. Gaurav Katiyar then filed IA-4466/2023 seeking

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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 2020-11-08. Mr. Jitendra Arora was appointed as the Interim Resolution Professional, later replaced by Mr. Gaurav Katiyar. A resolution plan was submitted by the Consortium of M/s. D. S. Infraheights Private Limited and M/s. Anand Buildtech Private Limited, approved by the CoC on 2023-08-19. Mr. Pankaj Thakur, a director of D. S. Infraheights Pvt. Ltd., filed IA-6032/2023 alleging that Mr. Shashank Gupta, another director of D. S. Infraheights Pvt. Ltd., committed forgery and fraud by submitting a resolution plan without proper authorization, including forging

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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 court found that the execution of the consortium agreement was within the powers of

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**Reasoning:** The court perused Regulation 47 of the Articles of Association of Respondent No. 3

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**Interpretation:** This means that the company's internal documents authorized it to enter into

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**Application:** The court applied this interpretation to the specific facts, finding that the

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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 the IBC filed by M/s. Nisus Finance & Investment Managers…
- **2023-08-19 — CoC Approval of…**: The Resolution Plan submitted by Consortium of M/s. D. S. Infraheights Private Limited…

## 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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