Authority: National Company Law Tribunal (NCLT), Jaipur Bench

Order Date: 09 May 2026

Case Overview

This order resolves three interconnected applications (IA No.181/JPR/2024, IA No.182/JPR/2024, and IA No.334/JPR/2025) filed in the main insolvency proceeding CP (IB) No.16/7/JPR/2021 against M/s Tushar Realhome LLP. The applications were filed by a group of 18 homebuyers (through an Authorised Representative), Bhala Finance Private Limited (a financial creditor), and Vishnu Adhyay (a homebuyer and AR), challenging the actions of the Resolution Professional (RP), Mr. Satyendra K. Khorania.

The core dispute concerned the RP's revision of the claim of financial creditor IIFL Finance Limited. The erstwhile Interim RP had initially admitted IIFL's claim at ₹6.14 Crores. The newly appointed RP, upon reviewing additional documents including a No Objection Certificate dated 27.12.2019 and subscription account statements, unilaterally enhanced this claim to ₹75.04 Crores. This enhancement was based on the RP's interpretation that funds disbursed to a related entity, Shivshakti Realhome Private Limited (SRPL)—a 99% partner in the Corporate Debtor—and used for balance transfers (e.g., to repay a Rajasthan State Industrial Development & Investment Corporation (RIICO) loan) and project expenses, constituted a financial debt of the Corporate Debtor.

This revision drastically altered the composition of the Committee of Creditors (CoC). IIFL's voting share increased from 16.40% to 68.49%, while the collective voting share of the homebuyers decreased from 56.30% to 22.77%, and Bhala Finance's share fell from 13.13% to 4.49%. The applicants argued that the RP acted beyond his statutory authority by effectively adjudicating a disputed claim, that there was no evidence of direct disbursement of the enhanced amount (₹75.04 Cr) to the Corporate Debtor's accounts, and that the action prejudiced their rights in the CIRP. The RP defended his action under Regulation 14(2) of the IBBI (CIRP) Regulations, 2016, claiming it was based on additional information proving the funds were utilized for the Corporate Debtor's project.

The bench received the case after the Hon'ble Judicial Member and Hon'ble Technical Member delivered a dissenting opinion on 10.03.2026. The Judicial Member directed the RP to recalculate the claim considering only amounts directly disbursed to the Corporate Debtor. The Technical Member directed a limited process where the applicants could file objections on specific points (proof of disbursement, contractual liability, etc.) for the RP to reconsider with reasoned findings, while restraining the CoC from taking irreversible decisions in the interim.

Final Outcome

The presiding Member, agreeing with the Judicial Member's view, allowed the applications and set aside the RP's claim enhancement. The Tribunal held that the role of the RP under the IBC is administrative and facilitative (to collate and verify claims) and not adjudicatory. The power to revise claims under Regulation 14(2) does not extend to reopening concluded determinations or adjudicating complex disputes on rights and liabilities, a power vested solely with the Adjudicating Authority under Section 60(5) of the Code.

The Tribunal found that the books of accounts and bank statements of the Corporate Debtor did not substantiate the disbursal of the substantial portion of the revised claim (₹75.04 Cr) to it. The RP's inference of debt based on transactions with related entities (SRPL) and utilization of funds amounted to adjudication, which was ultra vires. Consequently, the RP is directed to recalculate the claim of IIFL Finance Limited considering only the amounts actually disbursed to the Corporate Debtor, Tushar Realhome LLP, to constitute a 'financial debt' under Section 5(8) of the Code, and to reconstitute the CoC based on this revised calculation.

Topics: Insolvency Claim Verification, Committee of Creditors, Resolution Professional's Powers