# In the matter of Vibrant Buildwell Private Limited

> NCLT judgment dated 2024-01-24. Citation: TCN-2024-NCLT-02929. The instant interlocutory application was filed by Raj Kumar Sahani, the ex-director and…

- **Court:** NCLT
- **Order date:** 24 Jan 2024
- **Citation:** TCN-2024-NCLT-02929
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vibrant-buildwell-private-limited-67430e2f

## Summary

### Background

The instant interlocutory application was filed by Raj Kumar Sahani, the ex-director and shareholder of Vibrant Buildwell Private Limited (Corporate Debtor), seeking leave to place additional documents on record. This application arises from an earlier Interlocutory Application I.A./4173/ND/2023 filed by the applicant challenging the approval of the Resolution Plan by the Committee of Creditors (CoC) under Section 60(5)(c) of the Code, 2016.

## Facts

Raj Kumar Sahani, the ex-director and shareholder of Vibrant Buildwell Private Limited (Corporate Debtor), filed an interlocutory application seeking to introduce additional documents in a case challenging the resolution plan approved by the Committee of Creditors (CoC). The applicant argues that the Resolution Professional's move to register the Corporate Debtor as an MSME post-CIRP commencement is illegal, aiming to benefit a related party, Bishwanath Traders and Investments Limited, circumventing Section 29A ineligibility. The CoC's 4th meeting on 2022-05-20 discussed MSME registration benefits, including collateral-free credit and overdraft benefits. The Resolution Professional, Ashish Singh, argued the application was mala fide and intended to derail the CIRP. The

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## Issues and analysis

### Issue 1: Whether the applicant should be granted leave to place additional documents on record in the …

**Ratio:** The Hon'ble Supreme Court in Vineet Kumar v. Mangal Sain (1984) 3 SCC 352 held that

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**Reasoning:** The Adjudicating Authority considered that placing additional documents on record is

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**Interpretation:** The principle is that amendments to pleadings should be allowed to facilitate a

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**Application:** Even though the respondent argued that the amendment was intended to delay the

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Raj Kumar…
- **Respondents:** Vibrant Buildwell…; Ashish…

## Timeline

- **2022-05-20 — 4th CoC M…**: The Committee of Creditors discussed the registration of the Corporate Debtor under MSME…
- **2023-09-11 — Notice to Res…**: The Adjudicating Authority issued notice to the respondents, including the Resolution…

## 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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