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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
L & L Partners Litigation, Through Authorized Representatives Harneet Singh Chandhoke and Sudhir Sharma – Appellant
Versus
Jalesh Kumar Grover, RP of Grandstar Realty Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. background facts of asset sale and cirp initiation. (Para 2) |
| 2. parties' arguments on delay condonation and claim validity. (Para 3 , 4 , 5) |
| 3. claim inadmissible absent inclusion in sale encumbrance list. (Para 6 , 7 , 12 , 13 , 14 , 15) |
| 4. no condonation for commercial entity's post-coc delay. (Para 8 , 9 , 10 , 11) |
| 5. no financial debt without monetary disbursement. (Para 16 , 17 , 18 , 19 , 20) |
| 6. appeal dismissed upholding claim rejection. (Para 21) |
J U D G M E N T
ASHOK BHUSHAN, J.
This appeal has been filed by the appellant challenging the order dated 17.10.2025 passed by the adjudicating authority (National Company Law Tribunal, New Delhi, Court V, Division Bench) dismissing the I.A. No.1439/2025 filed by the appellant.
2. Brief facts of the case necessary to be noticed for deciding the appeal are:
i. The appellant is a legal firm rendering legal services to the Company M/s. AKME Projects Limited. M/s. Akme Projects Limited has obtained financial facilities amounting to Rs.63 crore from the Yes Bank. Account of AKME Projects Limited was declared as Non-Performing Asset (NPA) by Yes Bank. AKME Projects Limited has mortgaged its land admeasuring 9.856 acres.
ii. Appel
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