# Eastern Housing Udyog Finance Limited vs. Arcuttipore Tea Co. Ltd; Pramila Bajoria & Ors. vs. Eastern Housing Udyog Finance Limited & Ors.

> NCLT judgment dated 7 Jan 2026. Citation: TCN-2026-NCLT-00002. The application was filed under Section 65 and Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 7 Jan 2026
- **Citation:** TCN-2026-NCLT-00002
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/eastern-housing-udyog-finance-limited-vs-arcuttipore-tea-co-ltd-pramila-bajoria-14549b32

## Summary

### Background

The application was filed under Section 65 and Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applicants, ex-directors and promoters of the corporate debtor, sought the recall of the admission order dated 15.12.2023, alleging fraudulent initiation of CIRP.

## Facts

Eastern Housing Udyog Finance Limited is the financial creditor.

Arcuttipore Tea Co. Ltd is the corporate debtor.

Pramila Bajoria & Ors. are the applicants, being ex-directors and promoters of the corporate debtor.

The applicants sought to dismiss the company petition being C.P.(IB) No. 309/KB/2022.

The admission order dated 15.12.2023 was pronounced.

The applicants challenge the initiation of CIRP based on alleged fraud and collusion.

The applicants seek quashing of decisions and actions taken by the Resolution Professional and the purported COC.

The applicants seek a stay of CIRP proceedings and CoC meetings.

The Respondent No. 2, Mr. Jai Narayan Gupta, was initially appointed as the Resolution Professional.

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## Issues and analysis

### Issue 1: Whether the Applicants have the requisite locus …

**Ratio:** I&B Code does not expressly define who may invoke Section 65, but jurisprudence

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**Reasoning:** The Applicants have not demonstrated that they had any involvement in or knowledge of the

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**Interpretation:** Section 60(5)(c) of the I&B Code_permits “any person aggrieved” to approach

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**Application:** The Applicants not having filed any appeal within limitation further

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** Pramila B…; Harsh Kumar…; +2 more
- **Respondents:** Arcuttipore Tea…; Eastern Housing…; +6 more
- **Other parties:** Insolvency and…; Corporate…; +6 more

## Timeline

- **2022 — C.P (IB) NO. 30…**: An Application under Section 65 and Section 60(5) of the Insolvency and Bankruptcy Code,…
- **2023-12-15 — Admission…**: Admission Order dated 15.12.2023…

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