# Mr. Tekram Yadav & Ors. vs. Jalesh Kumar Grover (Resolution Professional of Shree Vardhman Infraheights Pvt. Ltd.) & Ors. and IDBI Trusteeship Services Limited

> NCLT judgment dated 2026-08-06. Citation: TCN-2026-NCLT-00910. The Applicants, landowners, entered into Collaboration Agreements with Shree Vardhman…

- **Court:** NCLT
- **Order date:** 6 Aug 2026
- **Citation:** TCN-2026-NCLT-00910
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/mr-tekram-yadav-ors-vs-jalesh-kumar-grover-eiibs

## Summary

### Background

The Applicants, landowners, entered into Collaboration Agreements with Shree Vardhman Infraheights Private Limited (Corporate Debtor) for development rights. They allege the Corporate Debtor breached its obligations by failing to complete construction and hand over units, leading them to unilaterally terminate the agreements. The Applicants filed I.A. No. 3261/2025 seeking directions to the Resolution Professional (RP) not to include their land and associated development rights in the Information Memorandum and for a declaration that the land is excluded from the Corporate Debtor's Corporate Insolvency Resolution Process (CIRP). The RP and Financial Creditors contested the application, arguing that the development rights constitute 'property' of the Corporate Debtor,

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## Facts

I.A. No. 3261/2025 was filed by Mr. Tekram Yadav, Ms. Laxmi Devi, Mr. Krishan Boken, and Mr. Shyam Bir (Applicants) under Section 60(5) of the IBC read with Rule 11 of the NCLT Rules, 2016.

The Applicants sought directions to the Resolution Professional (RP) not to include their land (approximately 3.9812 acres) and associated development rights in the Information Memorandum.

The Applicants also sought a declaration that the said land does not form part of the Corporate Debtor's asset pool and is excluded from the scope of the CIRP proceedings.

The Corporate Debtor, Shree Vardhman Infraheights Private Limited, is a real estate developer of the project “Shree Vardhman Victoria” situated in Gurugram, Haryana.

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## Issues and analysis

### Issue 1: Whether the development rights over the subject land constitute "property" or an “asset” …

**Ratio:** Development rights created in favour of a corporate debtor under a collaboration or

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**Reasoning:** Section 3(27) of the Code defines "property" broadly to include "every

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**Interpretation:** The term 'property' under the IBC is expansive and encompasses development

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**Application:** In the present case, the Corporate Debtor had substantially exercised its

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## Parties

- **Judges:** ANUPINDER SINGH…; RAVINDRA CHATURVED…
- **Appellants:** Tekram…; Laxmi…; +2 more
- **Respondents:** Shree Vardhman…; Jalesh Kumar…; +1 more
- **Other parties:** Committee of…; Kautilya Finance…
- **Advocates:** Abhishek…; Akshit Pr…; +8 more

## Timeline

- **2024-09-24 — CIRP Order R…**: Order admitting the Corporate…
- **2024-09-27 — Termination Notice…**: Applicants issued a termination…

## 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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