# In the matter of Lok Housing & Constructions Limited

> NCLT judgment dated 2025-10-08. Citation: TCN-2025-NCLT-01516. The case involves two applications regarding the Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 8 Oct 2025
- **Citation:** TCN-2025-NCLT-01516
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/lok-housing-constructions-limited-15f9cbf9

## Summary

### Background

The case involves two applications regarding the Corporate Insolvency Resolution Process (CIRP) of Lok Housing and Constructions Limited. Ashdan Properties Private Limited (Applicant) filed IA/198/2025 against the Resolution Professional and the Committee of Creditors (CoC), seeking directions to conduct an inter-se bidding/challenge mechanism before voting on resolution plans. Aakshaya Realty Private Limited (Intervenor) filed IP/32/2025 seeking intervention in IA/198/2025, adopting the position of the Resolution Professional and CoC.

## Facts

Lok Housing and Constructions Limited was admitted into CIRP on 03.06.2019.

Mr. Hemant J. Mehta was appointed as the Interim Resolution Professional.

The suspended director of Lok Housing and Constructions Limited filed appeals against the admission order and the issue of Form G.

The CoC was constituted with members including State Bank of India, Homebuyers, Accel Realtors Private Limited, and USV Private Limited.

The RP issued a Request for Resolution Plan (RFRP) on 03.04.2024 and received resolution plans from Ashdan Properties Private Limited, Aakshaya Realty Private Limited, Ellora Buildcon Private Limited, and PSK Group.

Ashdan Properties Private Limited submitted its resolution plan and an addendum.

…

## Issues and analysis

### Issue 1: Whether the challenge mechanism …

**Ratio:** The RFRP, when read as a whole, vests the CoC with the discretion to decide on the method

…

**Reasoning:** Clauses 2.2.4(c) and 2.2.4(d) of the RFRP, when interpreted together, indicate that the

…

**Interpretation:** The RFRP provides the CoC with the flexibility to choose the most appropriate

…

**Application:** The Tribunal applied the principle that a document should be read as a whole

…

## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Ashdan Properties…; Aakshaya Propertie…
- **Respondents:** Lok Housing and…; Hemant J.…; +1 more
- **Other parties:** State Bank of…; Homebu…; +6 more
- **Advocates:** Shyam Ka…; Darshit T…; +15 more

## Timeline

- **03.06.2019 — Admission in…**: Lok Housing and Constructions Limited was admitted into Corporate Insolvency Resolution…
- **N/A — Appointment…**: Mr. Hemant J. Mehta was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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