# MR. ASHOK KUMAR GUPTA vs. IDBI TRUSTEESHIP SERVICES LIMITED & ORS.

> NCLT judgment dated 2026-07-10. Citation: TCN-2026-NCLT-00773. The Applicant, an ex-director of DSS Infrastructures Private Limited (Corporate Debtor), filed…

- **Court:** NCLT
- **Order date:** 10 Jul 2026
- **Citation:** TCN-2026-NCLT-00773
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/mr-ashok-kumar-gupta-vs-idbi-trusteeship-services-limited-ors-4rr9w

## Summary

### Background

The Applicant, an ex-director of DSS Infrastructures Private Limited (Corporate Debtor), filed an application under Rule 11 of the NCLT Rules, 2016. The application sought to remove Respondent Nos. 3 and 4 (Kautilya Finance BV and Kautilya Real Estate Fund) from the Committee of Creditors (CoC) of the Corporate Debtor, alleging they are 'related parties' under Section 5(24) of the IBC. The Applicant also requested a directive to Respondent No. 2 (Ducturus Resolution Professional Private Limited) to halt further CoC meetings pending a Supreme Court decision on related appeals. The Corporate Insolvency Resolution Process (CIRP) was initiated against DSS Infrastructures Private Limited due to its failure to meet obligations under a Corporate Guarantee Agreement. The

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## Facts

The Applicant, Mr. Ashok Kumar Gupta, is the ex-director of DSS Infrastructures Private Limited (Corporate Debtor).

The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated on 07.05.2024, and Ducturus Resolution Professional Private Limited (Respondent No. 2) was appointed as the Interim Resolution Professional (IRP).

The Principal Borrower, Shree Vardhman Buildprop Pvt. Ltd. (SVBPL), developed a Residential Group Housing Project named "Shree Vardhman Mantra".

The Corporate Debtor is a wholly-owned subsidiary of the Principal Borrower and is the titleholder of the Project Land, having transferred Development Rights to the Principal Borrower.

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## Issues and analysis

### Issue 1: Whether Respondent Nos. 3 and 4 are "related parties" to the Corporate Debtor within the …

**Ratio:** The Adjudicating Authority, in a connected I.A. (I.A. 3699 OF 2024 in CP IB 445 ND 2023)

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**Reasoning:** The Applicant's challenge was based on allegations of control over the Corporate Debtor's

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**Interpretation:** The term "related party" under Section 5(24) of the IBC is

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**Application:** The previous finding in the Principal Borrower's CIRP, which involved the same

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; ATUL CHAT…
- **Appellants:** ASHOK KUMAR…
- **Respondents:** DSS INFRASTRUCTURE…; IDBI Trusteeship…; +3 more
- **Other parties:** Bijender…
- **Advocates:** Abhishek…; Sakshi K…; +9 more

## Timeline

- **2016-06-14 — Debenture Subscription…**: Debenture Subscription Agreement (DSA) and…
- **2016-07-18 — Hypothecati…**: Hypothecation Deed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(24) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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