Navin M. Raheja vs Vipul Jain - 2026 Supreme(Online)(NCLAT) 289

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2026 Supreme(Online)(NCLAT) 289

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Navin M. Raheja – Appellant
Versus
Vipul Jain – Respondent

For the Appellants/Petitioners: Mr. Abhijeet Sinha, Sr. Adv., Mr. P. Nagesh, Sr. Adv. With Manmeat Kaur, Rohan Anand, Kholi R., Adv
For the Respondents:Mr. Samar Bansal, Mr. Manu Chaturvedi, Advocates for R1 to 43, Mr. Bajaji Subramanium, Anchit Sharma, Akash K., Md. Faraz Khan, Adv. in I.A No. 765 of 2025, Mr. Abhay Kaushik, Himani Babbar, Manimdra Tiwari, Adv. for IRP, Mr. Tewari, Adv. for I.A No. 389, 5557, 2050, Mr. Chitranshul A Sinha, Shivam Shorewala, Rakshita Bhargava, Archie Garg, Esha Sharma, Adv., Mr. Kaushtaubh Sinha, Adv. for I.A No. 6270 of 2025, Mr. Atul Sharma, Renuka Iyer, Anmol Bansal, Adv. for I.A No. 1316, Mr. Vivek Kumar, Raveena Panikar, Adv. for I.A No. 2959 of 2025, Mr. Krishnendu Datta, Sr. Advocate with Mr. Atul Sharma, Ms. Renuka Iyer, Mr. Anmol Bansal, Ms. Geetanjali Sharma, Mr. Arpit Paul, Advocates for EARCL.

Table of Content
1. section 7 petition admitted for project allottees' default claims. (Para 1 , 2)
2. tribunal confines cirp to project, directs oc and possession. (Para 3 , 4 , 5)
3. parties argue on cirp scope, resolution, and continuation. (Para 6 , 7 , 8 , 9 , 10)
4. debt and default proven, upholding nclt admission. (Para 11 , 12 , 13)
5. cirp confined to specific real estate project. (Para 14 , 15 , 16 , 17 , 18)
6. no cirp closure; allows 12a withdrawal if settled. (Para 19 , 20 , 21 , 22 , 23)

JUDGMENT

ASHOK BHUSHAN, J.

This Appeal by Suspended Director of the Corporate Debtor (“CD”) has been filed challenging the order dated 19.11.2024 passed by National Company Law Tribunal, Principal Bench, New Delhi admitting Section 7 petition filed by Respondent Nos.1 to 43 – Financial Creditors in a class and allottees of project ‘Raheja Shilas (Low Rise)’, situated at Sector 109, Gurugram, Haryana being developed by the CD – M/s Raheja Developers Ltd.

2. Brief facts giving rise to the Appeal are:

(i) The CD – M/s Raheja Developers Ltd. lodged residential project namely – ‘Raheja Shilas (Low Rise)’. The CD has also obtained the license from Directorate of Town Country Planning, Haryana (“DTCP”

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2026 Supreme(Online)(NCLAT) 289

NATIONAL COMPANY LAW APPELLATE TRIBUNALASHOK BHUSHAN, JNavin M. Raheja – AppellantVersusVipul Jain – Respondent

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Navin M. Raheja – Appellant
Versus
Vipul Jain – Respondent