# Abhijit Ghosh, Representative of Creditors in Class (Homebuyers) vs. Mr. Ashish Chhawchharia, Learned Resolution Professional

> NCLT judgment dated 20 Apr 2026. Citation: TCN-2026-NCLT-00415. Canara Bank, as a Financial Creditor, initiated a Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 20 Apr 2026
- **Citation:** TCN-2026-NCLT-00415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/abhijit-ghosh-representative-of-creditors-in-class-homebuyers-vs-mr-ashish-chhaw-10b05a1f

## Summary

### Background

Canara Bank, as a Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Riverbank Developers Private Limited, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Adjudicating Authority admitted the Corporate Debtor into CIRP on April 03, 2024, subsequently appointing Mr. Sachin Gopal Jathar as the Interim Resolution Professional, who was later replaced by Mr. Ashish Chhawchharia as the Resolution Professional (RP). Mr. Abhijit Ghosh, representing 243 homebuyers of the 'HILAND GREENS' – PHASE – II project, filed an application (I.A. (IB) No. 2451/KB/2024) under Section 60(5) of the I&B Code against Mr. Ashish Chhawchharia, the RP. The application sought various reliefs, including directions to the

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## Facts

Canara Bank (Financial Creditor) filed an application for initiation of CIRP against Riverbank Developers Private Limited (Corporate Debtor) under Section 7 of the I&B Code, 2016.

The Adjudicating Authority admitted the Corporate Debtor for CIRP via an order dated April 03, 2024, amended on April 05, 2024, and appointed Mr. Sachin Gopal Jathar as IRP, who was subsequently replaced by Mr. Ashish Chhawchharia as RP.

Mr. Abhijit Ghosh, Representative of Creditors in Class (Homebuyers) for project 'HILAND GREENS' – PHASE – II, filed an application (I.A. (IB) No. 2451/KB/2024) under Section 60(5) of the I&B Code against Mr. Ashish Chhawchharia, RP of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the RP is right in not including the statutory interest of 8% p.a. as per Regulation 16A(7) …

**Ratio:** Statutory interest at 8% p.a. as per Regulation 16A(7) of the CIRP Regulations for 'time

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**Reasoning:** The NCLT distinguished 'interest' and 'compensation', noting that 'compensation' is a

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**Interpretation:** Regulation 16A(7) is interpreted as a default provision for interest

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**Application:** In the present case, the homebuyers' agreement with Riverbank Developers

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** Abhijit…; Representative of…
- **Respondents:** Riverbank…; Ashish Chhawchhari…; +1 more
- **Other parties:** Insolvency and…; Corporate…; +5 more

## Timeline

- **2017-02-24 — Pre-payment interest…**: Corporate Debtor issued a letter promising 12% pre-payment interest to members who had…
- **2018-03-26 — ILC Report rel…**: Insolvency Law Committee (ILC) Report dated March 26, 2018, was relied upon for the…

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