# Ganesh Venkata Siva Rama Krishna Remani vs. Puneet P. Bhatia & others

> NCLT judgment dated 29 Apr 2026. Citation: TCN-2026-NCLT-00450. IA 4016/2025 was filed by Mr. Ganesh Venkata Siva Rama Krishna Remani, the Resolution…

- **Court:** NCLT
- **Order date:** 29 Apr 2026
- **Citation:** TCN-2026-NCLT-00450
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/ganesh-venkata-siva-rama-krishna-remani-vs-puneet-p-bhatia-others-a1f03eff

## Summary

### Background

IA 4016/2025 was filed by Mr. Ganesh Venkata Siva Rama Krishna Remani, the Resolution Professional (RP) of Barracks Retail India Private Limited, under sections 66(1), 68, 70, 72, 73 & 74 of the Insolvency and Bankruptcy Code, 2016. The application sought directions against Respondents 1-4 for alleged fraudulent activities during the Corporate Insolvency Resolution Process (CIRP). Subsequently, ASREC (India) Limited was substituted as the applicant. The corporate debtor was admitted to CIRP on January 9, 2024, based on an application by ASREC (India) Limited, the financial creditor.

## Facts

IA 4016/2025 was filed by Mr. Ganesh Venkata Siva Rama Krishna Remani, the Resolution Professional (RP) of Barracks Retail India Private Limited, under sections 66(1), 68, 70, 72, 73 & 74 of the Insolvency and Bankruptcy Code, 2016.

ASREC (India) Private Limited was later substituted as the applicant in place of the original applicant.

Mr. Puneet P. Bhatia (Respondent No. 1) and Ms. Aashima Puneet Bhatia (Respondent No. 2) were directors of the Corporate Debtor at the commencement of CIRP.

Ms. Golechha Khushboo (Respondent No. 3), Proprietor of Bhandari Packaging Solutions, was a licensee for Gala No. 8.

Mr. Sunil Agarwal (Respondent No. 4), Partner of NPSIMPEX LLP, was a licensee for Galas No. 10, 11, and 12.

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## Issues and analysis

### Issue 1: Whether Respondent No. 1 should be directed to contribute siphoned amounts to the Corporate …

**Ratio:** Section 66(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) empowers the Adjudicating

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**Reasoning:** The Tribunal found that Respondent No. 1, a director of the Corporate Debtor, withheld

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**Interpretation:** The Tribunal interpreted Respondent No. 1's actions as falling squarely within

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**Application:** Applying Section 66(1) and Section 67 of the IBC, the NCLT directed Respondent

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Ganesh Venkata…; Asrec (India)…
- **Respondents:** Barracks Retail…; Puneet P.…; +3 more
- **Other parties:** Corporate…; Fraudulent…; +7 more
- **Advocates:** Hasti Bhan…

## Timeline

- **2022-11-17 — Leave and License…**: Two leave and license agreements were dated for godown nos. 8 to 12 on the ground floor,…
- **2024-01-04 — Leave & License…**: A Leave & License Agreement was entered with Respondent No. 3 by Respondent No. 1 in his…

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