# Indiabulls Housing Finance Limited vs. Dr. Subhash Chandra

> NCLT judgment dated 2026-08-25. Citation: TCN-2026-NCLT-00883. Indiabulls Housing Finance Ltd. initiated insolvency resolution proceedings against Dr. Subhash…

- **Court:** NCLT
- **Order date:** 25 Aug 2026
- **Citation:** TCN-2026-NCLT-00883
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/indiabulls-housing-finance-limited-vs-dr-subhash-chandra-aybji

## Summary

### Background

Indiabulls Housing Finance Ltd. initiated insolvency resolution proceedings against Dr. Subhash Chandra, a Personal Guarantor, under Section 95 of IBC, 2016. An RP was initially appointed, and after an interim Supreme Court order, the petition was admitted. The RP was later replaced by Mr. Shiv Nandan Sharma, who then filed for approval of a repayment plan. Various creditors expressed divergent views, leading to multiple interlocutory applications and a reference to a Third Member due to differing opinions between the Judicial and Technical Members of the NCLT.

## Facts

Indiabulls Housing Finance Ltd. initiated CP(IB)-97/ND/2022 against Dr. Subhash Chandra, a Personal Guarantor, under Section 95 of IBC, 2016.

Mr. Raj Kamal Saraogi was initially appointed as Resolution Professional (RP) on 30.05.2022.

The Hon'ble Supreme Court issued an interim order in WP(C) No. 567 of 2022 on 05.08.2022.

NCLT ordered on 18.08.2022 to keep the RP's report under Section 99 of IBC in abeyance.

The Supreme Court vacated its interim order on 22.04.2024, leading to the admission of petition IB-97/ND/2022.

Mr. Raj Kamal Saraogi was replaced by Mr. Shiv Nandan Sharma as RP on 27.05.2024.

The newly appointed RP filed I.A. - 5505/2024 for approval of the repayment plan.

Creditors were notified, with some opposing and others supporting the repayment plan.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's jurisdiction, while considering approval of a Repayment Plan …

**Ratio:** The Adjudicating Authority's jurisdiction is supervisory, corrective, and judicial, not

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**Reasoning:** Part III of the IBC consciously distributes responsibilities among the debtor, RP,

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**Interpretation:** Section 114(1) requires the AA to approve or reject the plan based on the RP's

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**Application:** In the present case, the AA must ascertain if the statutory framework was

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## Parties

- **Judges:** NILESH S…; Sh. Ashok Kumar…; +1 more
- **Appellants:** Indiabulls…; IndusInd Bank…; +6 more
- **Respondents:** Subhash C…; Shiv Nandan…
- **Other parties:** Anil K…; Axis Trustee…; +18 more
- **Advocates:** Sajeve…; Shiv Nandan…; +45 more

## Timeline

- **2017 — Net Worth Certificate…**: Net worth certificate furnished to RBL Bank Ltd. reflected the PG's net worth at USD 7.17…
- **2018 — Net Worth Certificate…**: Net worth certificate provided to Canara Bank assessed the PG's net worth at ₹40,562…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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