# MRS. SAROJ GUPTA VERSUS AASTHA BUILDHOME DEVELOPERS PVT. LTD. (Under CIRP & Liquidation)

> NCLT judgment dated N/A. Citation: TCN-2026-NCLT-00855. The judgment encompasses the entire Corporate Insolvency Resolution Process (CIRP) and subsequent…

- **Court:** NCLT
- **Order date:** N/A
- **Citation:** TCN-2026-NCLT-00855
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/mrs-saroj-gupta-versus-aastha-buildhome-developers-pvt-ltd-under-cirp-liquidatio-dd44i

## Summary

### Background

The judgment encompasses the entire Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of Aastha Buildhome Developers Pvt. Ltd. The CIRP was initiated on 09.12.2022 based on a Section 7 petition filed by Mrs. Saroj Gupta, a financial creditor. An early challenge arose when the Resolution Professional (RP) filed an application (IA No. 3/JPR/2024) under Section 65 of the IBC, alleging that Mrs. Saroj Gupta initiated the CIRP fraudulently or with malicious intent. The Tribunal dismissed this application on 17.08.2026, finding no explicit documentary proof of fraudulent intent, despite some suspicious conduct regarding her delayed claim filing and alleged undisclosed shareholder status. Subsequently, after multiple attempts to solicit resolution

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## Facts

In February 2014, Aastha Buildhome Developers Pvt. Ltd. (Corporate Debtor) approached Mrs. Saroj Gupta (Respondent/Financial Creditor) seeking financial assistance of Rs. 15,75,000/- at 14% per annum interest.

Mrs. Saroj Gupta disbursed the financial assistance by issuing three cheques.

Flat no. 809 in Aastha Coral Residency was initially sold to Mr. Nand Kishore Pujari as per agreement dated 17.03.2016.

Upon the Corporate Debtor's failure to repay, Mrs. Saroj Gupta sent a Legal Notice dated 12.05.2018 demanding repayment of the dues.

Mrs. Saroj Gupta, as a Financial Creditor, filed the main Petition, CP No. (IB)-297/7/JPR/2019, under Section 7 of the IBC against Aastha Buildhome Developers Pvt. Ltd.

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated …

**Ratio:** For an application under Section 65 of the IBC to succeed, there must be explicit

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**Reasoning:** The Adjudicating Authority noted that while the conduct of the Financial Creditor (Mrs.

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**Interpretation:** Section 65 of the IBC is a penal provision that requires a high standard of

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**Application:** In this case, the Resolution Professional's application under Section 65 (IA

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Prashant A…; M/S Saharan Avas…; +2 more
- **Respondents:** Aastha Buildhome…
- **Other parties:** Committee of…; Board of Di…; +13 more
- **Advocates:** Prakul Kh…; Akshita K…; +8 more

## Timeline

- **February 2014**: Aastha Buildhome Developers Pvt. Ltd. approached Mrs. Saroj Gupta for financial…
- **17.03.2016**: Flat no. 809 in Aastha Coral Residency was initially sold to Mr. Nand Kishore Pujari as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 65 — Fraudulent or malicious initiation of proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-65)

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