NATIONAL COMPANY LAW APPELLATE TRIBUNAL AT CHENNAI (APPELLATE JURISDICTION)

Company Appeal (AT) (CH) (Ins) No. 82/2026 IA Nos. 230 & 231/2026 IN THE MATTER OF:

\

M/s. Kgeyes Nelsun Arges Developers Represented by its Partner, Dr. R Gunaseelan, No. 56, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004 … Appellant V M/s. Vees Properties Limited (Formerly known as KGS Developers Ltd)

No.10, 2nd Cross Street, Raja Annamalaipuram, Chennai, Tamil Nadu, India – 600028 … Respondent No.1 M/s. Reliance Value Services Pvt. Ltd., Represented by its Director Mr. Ganesh Pawde, Cosmos Chambers, Cabin No. 11, Floor R-1, Plot-20, Raja Bahadur Mansion, Ambalal Doshi Marg, Bombay Stock Exchange, Mumbai – 400 001 … Respondent No. 2 Dimax Restructuring Private Limited (Interim Resolution Professional)

IBBI/IPE-0172/IPA-3/2024- 2025/50087 B-1A Viceroy Court CHS, Thakur Village, Kandivali East, Mumbai, Maharashtra- 400101 … Respondent No.3 Present:

For Appellant : Mr. Chirag Gupta, Advocate

O R D E R

(Hybrid Mode)

13.02.2026:

Oral Judgment : Justice Sharad Kumar Sharma, Member (Judicial): The Appellant who has come up before this Appellate Tribunal is with a case, details of which are given below:

1. The Appellant being a land owner, had entered into a Joint Development Agreement dated 23.11.2007, with the Respondent No. 1 / Corporate Debtor (i.e. M/s. Vees Properties Limited). As per the terms of Joint Development Agreement, the parties were under an obligation that, upon the contribution of the land by the Appellant, he would be entitled to 45% share in the Project profits. During the implementation of the Project, M/s. Reliance Value Services Pvt. Ltd., being the Financial Creditor, filed an Application under Section 7 of I & B Code, 2016, for initiation of CIRP against M/s. Vees Properties Ltd. The said Section 7 Application was registered as CP(IB)/127(CHE)/2025, before the Ld. NCLT on 07.05.2025, and it was admitted on 03.09.2025 thereby commencing CIRP of Corporate Debtor. Subsequent to commencement of CIRP, an application was filed by IRP of M/s. Vees Properties Limited, that being IA(IBC)/1557(CHE)/2025 in CP(IB)/127/2025, under Section 12A of the I & B Code read with Regulation 30A of IBBI (IRP for Corporate Persons) Regulation, 2016, and Rule 11 of NCLT Rules, 2016.

2. The relief sought by the IRP in the said Application IA(IBC)/1557(CHE)/2025 was to withdraw the CIRP. This application was allowed by Ld. NCLT vide order dated 04.11.2025.

3. It is this order, which is under challenge by the Appellant on the ground that, since, he had entered into a Joint Development Agreement with the Corporate Debtor dated 23.11.2007, and had 45% share in the profits, the impugned order of 04.11.2025 should not have been passed by the Ld. Tribunal without hearing him whose rights are affected and also because he had already submitted a claim of Rs.50 Crores as against the CD, which would be affected by withdrawal of CIRP.

4. The Company Appeal is accompanied with a Condone Delay Application being IA No. 230 / 2026.

The order impugned was rendered by the Ld. Tribunal on 04.11.2025. The application for a Certified copy of the order was preferred by the Appellant on 04.12.2025 and the same was made available to the Appellant on 08.12.2025. Consequentially, the Appeal was preferred before this Appellate Tribunal by filing the same on 17.12.2025.

5. The Registry has reported a delay of 8 days in filing of the Appeal. In the application preferred by the Appellant to condone the delay, the Appellant has submitted that he was never in receipt of the notices of the proceedings under Section 12A before the Ld. Tribunal, and therefore, was not aware of passing of the Impugned Order till 01.12.2025, when he had approached the IRP seeking an update in respect of his claim and he could take action to prepare and file his Appeal only after such date. Further he, since being based in Mumbai, faced constraints in preferring the Appeal at this Appellate Tribunal, Chennai, within the s