# Omkara Asset Reconstruction Private Limited vs. Gigeo Construction Company Private Limited

> NCLT judgment dated 21 Apr 2026. Citation: TCN-2026-NCLT-00388. The Interlocutory Application (I.A. No. 5337 of 2025) was filed on 16.11.2025 by Mr. Subhash…

- **Court:** NCLT
- **Order date:** 21 Apr 2026
- **Citation:** TCN-2026-NCLT-00388
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/omkara-asset-reconstruction-private-limited-vs-gigeo-construction-company-privat-0e62158e

## Summary

### Background

The Interlocutory Application (I.A. No. 5337 of 2025) was filed on 16.11.2025 by Mr. Subhash Ganpatrao Buty, Karta of a Hindu Undivided Family, in the Corporate Insolvency Resolution Process (“CIRP”) of Gigeo Construction Company Private Limited, seeking reliefs/directions against Mr. Pankaj Bhattad, the Resolution Professional of the Corporate Debtor. The CIRP of the Corporate Debtor was initiated pursuant to the order dated 04.06.2024 passed by the Tribunal in C.P. (IB) No. 1180 (MB)/2022, on an application preferred under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Omkara Asset Reconstruction Private Limited, a Financial Creditor.

## Facts

The Interlocutory Application, being I.A. No. 5337 of 2025, was filed on 16.11.2025 by Mr. Subhash Ganpatrao Buty.

The application was filed in the Corporate Insolvency Resolution Process (“CIRP”) of Gigeo Construction Company Private Limited.

The application seeks reliefs/directions against Mr. Pankaj Bhattad, the Resolution Professional of the Corporate Debtor.

The CIRP of the Corporate Debtor was initiated pursuant to the order dated 04.06.2024.

The order was passed by the Tribunal in C.P. (IB) No. 1180 (MB)/2022, on an application preferred under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Omkara Asset Reconstruction Private Limited.

Omkara Asset Reconstruction Private Limited is a Financial Creditor.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan impermissibly seeks to extinguish pre-existing and admitted third-party …

**Ratio:** Section 30(2)(e) of the Insolvency and Bankruptcy Code, 2016 states that a resolution

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**Reasoning:** The applicant argued that the resolution plan seeks to extinguish their rights under the

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**Interpretation:** The Tribunal interpreted that the obligations of the Corporate Debtor under the

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**Application:** The Tribunal held that the grievances raised by the Applicant, particularly in

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Subhash Ganpatrao…
- **Respondents:** Gigeo Construction…; Pankaj Bh…
- **Other parties:** Insolvency and…; Corporate…; +5 more

## Timeline

- **2025-11-16 — Filing of I.A. No. 5337…**: Interlocutory Application (I.A. No. 5337 of 2025) filed by Mr. Subhash Ganpatrao Buty in…
- **2024-06-04 — Initiation…**: CIRP of the Corporate Debtor initiated pursuant to the order passed by the Tribunal in…

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