Case Details

Case Name: Lavkash Verma vs M/s Vigneshwara Developers Private Limited and Anr.

Court/Authority: National Company Law Tribunal Principal Bench, New Delhi

Case Numbers: IA No. 4999/2025 and Ivn.P-66/2025 In CP (IB) – 1076(PB)/2019

Order Date: 21.05.2026

Period of Dispute: Proceedings initiated in 2015 with winding up petition, CIRP admitted in 2019

Parties Involved

Petitioner/Financial Creditor: Lavkash Verma

Corporate Debtor: M/s Vigneshwara Developers Private Limited (CIN: U45201DL2005PTC142779)

Intervener: ARCK Resolution Professionals LLP (in Ivn.P-66/2025)

Official Liquidator: Represented by Additional Standing Counsel

Legal Representatives: Multiple advocates representing petitioner, intervener, and Official Liquidator

Issues / Allegations / Violations

The matter involves complex legal proceedings spanning multiple forums since 2015. Initially, winding up proceedings were instituted against the Corporate Debtor in 2015 before Delhi High Court. The Corporate Debtor was admitted to CIRP by NCLT on 10.10.2019, but this was stayed by Delhi High Court on 08.11.2019. A Scheme of Compromise and Arrangement was approved by Delhi High Court on 27.01.2020 but was found unworkable and set aside on 04.01.2023. The current application seeks revival of CIRP proceedings after Delhi High Court's transfer order dated 24.09.2025.

Findings & Observations

The NCLT found that the directions of Delhi High Court in paragraph 33 of the order dated 24.09.2025 are clear regarding revival of the application. The Tribunal determined that the Company Petition (IB)1076/2019 should be revived from the same stage at which it was closed on 09.07.2025. The matter was considered admissible for revival given the specific directions from the High Court and the fact that no irreversible steps had been taken in the winding up process.

Penalties / Settlements / Directions

The NCLT allowed IA-4999/2025 and issued several directions:

  • Appointed Ms. Ritu Rastogi (IBBI/IPA-001/IP-P00204/2017-2018/10393) as new Interim Resolution Professional
  • Directed IRP to adhere to directions in the original admission order dated 10.10.2019
  • Ordered IRP to coordinate with erstwhile IRP, Authorised Representative, and Official Liquidator for collecting claims and documents
  • Required IRP to make public announcement in one English and one regional language newspaper
  • Directed IRP to collate all claims afresh, including those filed in CIRP or before Official Liquidator
  • Ordered IRP to take steps for revival of CIRP, including filing for exclusion of time period absorbed in litigation
  • Dismissed Intervention Petition No. 66/2025 as infructuous

Corrective Actions & Future Obligations

The IRP is required to:

  • Cause public announcement of revived CIRP with details of last date for claim submissions
  • Collate all claims including homebuyers' claims from Corporate Debtor's records
  • Coordinate with various stakeholders including erstwhile IRP, AR, and Official Liquidator
  • Serve copy of the order to various departments (Income Tax, GST, State Trade Tax, Provident Fund) and trade unions/employees associations
  • Potentially file application seeking exclusion of time period absorbed in litigation

Final Ruling & Enforcement

The NCLT allowed the application (IA-4999/2025) and revived the Corporate Insolvency Resolution Process against Vigneshwara Developers Private Limited. The Registry was directed to communicate the order to financial creditor(s), corporate debtor, Interim Resolution Professional, Registrar of Companies, and IBBI within seven working days. The order is immediately enforceable, and the IRP is expected to commence the CIRP process in accordance with IBC provisions and regulations.