# M/s. Hinganghat Infrastructure Private Limited vs. Mr. Jagdish Kumar & Ors.

> NCLT judgment dated 2026-07-14. Citation: TCN-2026-NCLT-00790. M/s. Hinganghat Infrastructure Private Limited (Applicant) filed an application under Section…

- **Court:** NCLT
- **Order date:** 14 Jul 2026
- **Citation:** TCN-2026-NCLT-00790
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/ms-hinganghat-infrastructure-private-limited-vs-mr-jagdish-kumar-ors-f1vcq

## Summary

### Background

M/s. Hinganghat Infrastructure Private Limited (Applicant) filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a refund of INR 5 Lakhs (Participation Money Deposit - PMD) and INR 25 Lakhs (Earnest Money Deposit - EMD) paid for a Resolution Plan concerning Deegee Orchards Private Limited (Corporate Debtor), along with 12% interest. The Applicant also requested disciplinary action against Mr. Jagdish Kumar (Respondent No.1), the Resolution Professional (RP), and an investigation into his conduct by the Insolvency and Bankruptcy Board of India (IBBI/Respondent No.3) for alleged breaches during the Corporate Insolvency Resolution Process (CIRP), including opening the Resolution Plan without the Applicant's presence. The CIRP for

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## Facts

The Corporate Insolvency Resolution Process (CIRP) in respect of Deegee Orchards Private Limited (Corporate Debtor) was initiated on 03.03.2023 in Company Petition No. 3402 of 2019 filed by UCO Bank under Section 7 of the Code.

Mr. Jagdish Kumar (Respondent No.1) was appointed as the Interim Resolution Professional and subsequently as the Resolution Professional (RP) of the Corporate Debtor.

Respondent No.1 issued Expression of Interest (Eol) on 28.09.2023, specifying 13.10.2023 as the last date for submission.

The Applicant submitted the Eol by email dated 12.10.2023 and the Participation Money Deposit (PMD) amounting to Rs. 5 Lakh.

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## Issues and analysis

### Issue 1: Whether Respondent No.1 & 2 should be directed to refund the PMD and EMD amounts paid by the …

**Ratio:** The forfeiture of PMD/EMD by the Committee of Creditors (CoC) is a commercial decision

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**Reasoning:** The Applicant, M/s. Hinganghat Infrastructure Private Limited, failed to disclose its

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**Interpretation:** While Clause 7(d) of the RFRP and Regulation 36B(4) of CIRP Regulations

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**Application:** The Applicant's suppression of its related-party status and tenancy arrangement

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** M/s. Hinganghat…
- **Respondents:** Deegee Orchards…; Jagdish…; +2 more
- **Other parties:** UCO B…
- **Advocates:** Nausher…; Abdullah Q…; +3 more

## Timeline

- **2023-03-03 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) for Deegee Orchards Private Limited was…
- **2023-09-28 — Expression of Interest…**: Respondent No.1 issued…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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