# Rupa Infotech and Infrastructure Pvt. Ltd. vs. Mr. Hiren Bharani & Ors.

> NCLT judgment dated 2026-07-16. Citation: TCN-2026-NCLT-00765. Two Interlocutory Applications (I.A. No. 4475 of 2023 under Section 43 IBC and I.A. No. 4830 of…

- **Court:** NCLT
- **Order date:** 16 Jul 2026
- **Citation:** TCN-2026-NCLT-00765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/rupa-infotech-and-infrastructure-pvt-ltd-vs-mr-hiren-bharani-ors-afsr8

## Summary

### Background

Two Interlocutory Applications (I.A. No. 4475 of 2023 under Section 43 IBC and I.A. No. 4830 of 2023 under Section 66 IBC) were filed by the Resolution Professional against the Suspended Board of Directors of Shankheshwar Properties Private Limited (Corporate Debtor) alleging preferential and fraudulent transactions. The Corporate Insolvency Resolution Process (CIRP) against Shankheshwar Properties Private Limited was initiated by Rupa Infotech and Infrastructure Private Limited, the Financial Creditor. The Financial Creditor subsequently became the sole member of the Committee of Creditors (CoC) and the Successful Resolution Applicant (SRA). The approved Resolution Plan stipulated that all benefits arising from these applications would vest with the SRA. Consequently,

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## Facts

I.A. No. 4475 of 2023 (under Section 43 IBC) and I.A. No. 4830 of 2023 (under Section 66 IBC) were filed.

The Applicant, Rupa Infotech and Infrastructure Pvt. Ltd., filed separate Withdrawal Memos and Consent Terms in both Interlocutory Applications.

The disputes forming the subject matter of the applications under Sections 43 and 66 of the IBC have been amicably settled between the parties.

The Corporate Insolvency Resolution Process (CIRP) against Shankheshwar Properties Private Limited was initiated by the Adjudicating Authority on 03.02.2023, based on an application under Section 7 of the Code by Rupa Infotech and Infrastructure Private Limited, the Financial Creditor, for a default of Rs.4,80,80,000/-.

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## Issues and analysis

### Issue 1: Whether applications filed under Section 43 of Chapter III of Part II of the IBC to avoid certain …

**Ratio:** Applications filed under Sections 43 and 66 of the Insolvency and Bankruptcy Code, 2016,

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**Reasoning:** The Insolvency and Bankruptcy Code, 2016, and the NCLT Rules, 2016, do not contain any

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**Interpretation:** The absence of an explicit provision for withdrawal in the IBC or NCLT Rules

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**Application:** The Adjudicating Authority can permit the withdrawal of applications under

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## Parties

- **Judges:** Sushil Kumar…
- **Appellants:** Rupa Infotech and…
- **Respondents:** Shankheshwar…; Hiren Bharani &…
- **Other parties:** Committee of…; erstwhile…; +2 more
- **Advocates:** Shyam Ka…; KunalKa…; +2 more

## Timeline

- **2023-02-03 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) against Shankheshwar Properties Private…
- **2023-08-10 — Resolution Plan…**: A Resolution Plan submitted by the Financial Creditor was approved by the Committee of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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