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

> NCLT judgment dated 7 Jan 2026. Citation: TCN-2026-NCLT-00001. The case involves an Interlocutory Application (I.A. No. 4789 of 2025) filed by BSEL Algo…

- **Court:** NCLT
- **Order date:** 7 Jan 2026
- **Citation:** TCN-2026-NCLT-00001
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/omkara-asset-reconstruction-private-limited-vs-gigeo-construction-company-privat-251017c7

## Summary

### Background

The case involves an Interlocutory Application (I.A. No. 4789 of 2025) filed by BSEL Algo Limited in the Corporate Insolvency Resolution Process (CIRP) of Gigeo Construction Company Private Limited. The CIRP was initiated based on an application by Omkara Asset Reconstruction Private Limited, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was against Mr. Pankaj Bhattad, the resolution professional of the Corporate Debtor.

## Facts

I.A. No. 4789 of 2025 was filed by BSEL Algo Limited in the CIRP of Gigeo Construction Company Private Limited.

CIRP was initiated on an application filed by Omkara Asset Reconstruction Private Limited, a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016.

Mr. Ritesh R. Mahajan was initially appointed as the Interim Resolution Professional.

Mr. Pankaj Bhattad was the Resolution Professional of the Corporate Debtor.

BSEL Algo Limited sought to quash the decision of the Resolution Professional declining their claim dated 24/01/2025.

BSEL Algo Limited filed a claim for Rs. 22,94,33,060/-, consisting of principal amount and interest.

The Resolution Professional rejected the claim on the ground of limitation.

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## Issues and analysis

### Issue 1: Applicability of …

**Ratio:** The filing of claims by creditors in CIRP is not an act of enforcing a mortgage but to

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**Reasoning:** Section 14 of the IBC restricts the enforcement of security during the moratorium.

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**Interpretation:** The court interpreted that the provisions regarding mortgage enforcement do not

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**Application:** The claim was considered under Article 19 of the Limitation Act instead, which

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** BSEL Algo L…
- **Respondents:** Gigeo Construction…; Resolution…; +1 more
- **Other parties:** Insolvency and…; Corporate…; +4 more

## Timeline

- **2024-06-04 — Admission o…**: Adjudicating Authority admitted CIRP against…
- **2024-07-01 — 1st Meeting…**: 1st Meeting of the…

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