Authority: National Company Law Appellate Tribunal, Chennai (Justice N. Seshasayee - Member (Judicial) and Jatindranath Swain - Member (Technical))
Order Date: 21 July 2026
Case Overview
This proceeding involves an appeal filed by Kokku Prabhu Venkata Anjani Kumar, Suspended Director of Ramakrishna Housing Pvt. Ltd., against JC Flowers Asset Reconstruction Pvt. Ltd. (Financial Creditor) and the Resolution Professional. The Tribunal referenced its previous interim order dated 14 October 2025, which restrained the Resolution Professional from issuing Form-G based on the appellant's statements regarding settlement of creditors' claims.
The learned counsel for the 1st Respondent (Financial Creditor) submitted that no settlement proposal had been received. The learned counsel for the 2nd Respondent (Resolution Professional) disclosed that the Committee of Creditors consists of 9 members, including authorized representatives of 406 homebuyers, with admitted claims totaling approximately ₹1095 crores. The appellant's senior counsel claimed ongoing engagement with financial creditors, which was strongly disputed by the 1st Respondent's counsel.
Final Outcome
The Tribunal directed the appellant to submit a workable settlement proposal to the respondents on or before 24 July 2026. Both parties were required to file synopses of their submissions. The case was listed for further hearing on 04 August 2026 under the caption 'For Hearing (Interim Order)'. The interim order restraining the Resolution Professional from issuing Form-G was continued until the next hearing.
Topics: Corporate Insolvency, Real Estate Dispute, Settlement Proceedings