(07.12.2023)

NARESH SALECHA, MEMBER (TECHNICAL)

1.

There are two Appeals i.e., Company Appeal (AT) (Insolvency) No. 879

of 2021 and Company Appeal (AT) (Insolvency) No. 270 of 2022 filed under

Section 61(1) of the Insolvency and Bankruptcy Code, 2016 (in short ‘Code’)

against the common Impugned Order dated 13.10.2021 passed by the

National Company Law Tribunal, Jaipur Bench (in short ‘Adjudicating

Authority’), whereby the Adjudicating Authority admitted the Application

filed by the Respondent No. 2 in Company Appeal (AT) (Insolvency) No. 879 of

2021 and Respondent No. 1 in Company Appeal (AT) (Insolvency) No. 270 of

2022 i.e., Shankar Khandelwal as Financial Creditor under Section 7 of the

Code. Mr. Pankaj Khandelwal is the Appellant in Company Appeal (AT) (Ins.)

No. 879 of 2021 and Rajasthan State Industrial Development and Investment

Corporation Limited (for short ‘RIICO') is the Appellant in Company Appeal

(AT) (Insolvency) No. 270 of 2022.

2.

The Corporate Insolvency Resolution Process (in short ‘CIRP’) was

initiated against A. Gangwal Real Estate L.L.P who is the Corporate Debtor

and the Respondent herein. A moratorium was declared under Section 14 of

the Code.

3.

Since both appeals have been preferred before us against the same

common Impugned Order dated 13.10.2021 and are based on same or similar

facts and were also heard conjointly, as such we will examine both these

appeals together in coming discussions and will decide by single order.

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4.

Heard the Counsel for the Parties, perused the records made available

including cited judgements.

5.

The Corporate Debtor, “A. Gangwal Real Estate L.L.P”, a Limited

Liability Partnership (in short "LLP"), was incorporated on August 5, 2014

under the provisions of the Limited Liability Partnership Act, 2008. It has

further been informed that the Corporate Debtor as LLP has undergone

various changes since its incorporation, in respect of admission and

retirement of designated partners and nominal partners.

6.

The Corporate Debtor was formed initially with Mr. Ajay Gangwal and

his wife Mrs. Rakhi Gangwal as designated partners, having a 50:50 profit

sharing ratio, with capital contribution of Rs. 50,000/- each. Thereafter, Mr.

Ajay Gangwal and Mrs. Rakhi Gangwal retired from A. Gangwal Real Estate

LLP and vide a supplementary agreement dated September 25, 2014, Mr.

Shankar Lal Khandelwal, the Respondent No. 2 Company Appeal (AT)

(Insolvency) No. 879 of 2021 and Respondent No. 1 in Company Appeal (AT)

(Insolvency) No. 270 of 2022 and his wife Mrs. Guman Khandelwal were

admitted as designated partners along with the Corporate Debtor. It has been

brought out that at present the designated partners of the Corporate Debtor

are Narendra Singh Lakshman Singh Rathod and Charan Singh Khangrot

besides Mr. Pankaj Khandelwal and Mudit Danagyach at its nominal

partners.

7.

It has been alleged by the Appellant that during the tenure of Shankar

Khandelwal being a Partner of the LLP, the Corporate Debtor obtained a Loan

from RIICO which after being credited to the Bank Account of the Corporate

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Debtor, the said amount was transferred immediately to the accounts of

concerns which were either family owned companies of Shankar Khandelwal

or his family members. It is the case of the Appellant that when such fraud

was tracked, Shankar Khandelwal allegedly admitted such transfer upon

personal fund requirements and also agreed to adjust the same with his

outstanding loans with the Corporate Debtor along with his retirement from

the LLP/ Corporate Debtor.

8.

It is the case of the Appellant that Shankar Khandelwal was arrested

in SYNDICATE BANK SCAM as one of the main accused and was taken into

custody where he remained for more than two years.

9.

It has been submitted that the LLP Agreement dated 31.12.2015 is the

Agreement which incorporates the retirement of the Respondent Shankar

Khandelwal from the Corporate Debtor w.e.f. 01.04.2016. It is the case of the

Appellant that the entire outstan