NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No. 2040 of 2025 [Arising out of Orders dated 15.12.2025 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court – II), in C.P. (IB) No.474/ND/2025]

IN THE MATTER OF:

Bindu Kapoor (Suspended Director)

Bliss Abode Pvt. Ltd. …Appellant Versus Sapan Mohan Garg Interim Resolution Professional Bliss Abode Pvt. Ltd. & Ors. …Respondents Present:

For Appellant : Mr. Krishnendu Datta, Sr. Advocate with Mr.

Abhay Chattopadhyay, Mr. Udipto Koushik Samrah, Mr. Kumar Shubham and Mr. Harsh Gurbani, Advocates.

For Respondents : Mr. Sandeep Bajaj, Ms. Aakanksha Nehra, Mr. Raj Shakya and Mr. Shubham Jaiswal, Advocates for R-1.

Mr. Abhijeet Sinha, Sr. Advocate with Mr. Ritesh Kumar, Mr. Sidhant Kumar Marwah, Ms. Ekssha Kashyap, Mr. Shivam Sharan, Mr. Naman Gowda and Mr. Siddhant Ahirwal, Advocates for R-2.

Ms. Mamta Binani, Advocate for IRP.

WITH Company Appeal (AT) (Insolvency) No. 585 of 2026 [Arising out of Orders dated 21.01.2026 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court – II), in C.P. (IB) No.585/ND/2025]

IN THE MATTER OF:

Bindu Kapoor (Suspended Director)

Bliss House Private Ltd. …Appellant Versus Sapan Mohan Garg Interim Resolution Professional Bliss House Pvt. Ltd. & Ors. …Respondents Present:

For Appellant : Mr. Krishnendu Datta, Sr. Advocate with Mr.

Abhay Chattopadhyay, Mr. Udipto Koushik Samrah, Mr. Kumar Shubham and Mr. Harsh Gurbani, Advocates.

For Respondents : Mr. Sandeep Bajaj, Ms. Aakanksha Nehra, Mr. Raj Shakya and Mr. Shubham Jaiswal, Advocates for R-1.

Mr. Abhijeet Sinha, Sr. Advocate with Mr. Ritesh Kumar, Mr. Sidhant Kumar Marwah, Ms. Ekssha Kashyap, Mr. Shivam Sharan, Mr. Naman Gowda and Mr. Siddhant Ahirwal, Advocates for R-2.

Ms. Mamta Binani, Advocate for IRP.

J U D G M E N T

ASHOK BHUSHAN, J.

These two appeals have been filed by the suspended director of the corporate debtor challenging two separate orders passed by the adjudicating authority (National Company Law Tribunal, New Delhi, Court – II) in C.P. (IB) No.474/ND/2025 dated 15.12.2025 & C.P. (IB) No.585/ND/2025 dated 21.01.2026. The adjudicating authority by the above two separate orders have admitted Section 7 application filed by the JC Flowers Asset Reconstruction Private Limited, the financial creditor herein. Appellant aggrieved by the above orders initiating Corporate Insolvency Resolution Process (“CIRP”) proceedings against the corporate debtor has filed these two appeals.

2. Brief facts of the case giving rise to these two appeals are as follows:

Comp. App. (AT) (Ins.) No. 2040/2025 i. The corporate debtor – Bliss Abode Private Limited entered into Loan Agreement dated 13.07.2017 with Indibulls Housing Finance Limited for Rs.90 crore.

ii. 4 other Loan Agreements dated 05.10.2017 were entered between the corporate debtor and Indiabulls Housing Finance Ltd. for sum of Rs.75 crore, Rs.67 crore, Rs.60 crore and Rs.83 crore respectively.

iii. As security to the loan personal guarantees were executed by the appellant Ms. Bindu Kapoor and her husband Mr. Rana Kapoor. Deed of Hypothecation dated 08.08.2019 was executed.

iv. On 23.08.2019, Memorandum of Entry (MoE) was executed which is recorded the deposit of title deed of property being 40, Amrita Shergill Marg, New Delhi with IDBI Trusteeship Services Limited as security trustee.

v. On 09.03.2020, a loan recall notice was issued to the corporate debtor – M/s. Bliss Abode Private Limited, appellant Ms. Bindu Kapoor and Mr. Rana Kapoor stating that event of default has occurred, hence the lender recall the outstanding loan totalling to Rs.388,42,96,875/- which need to be paid within 5 days from date of receipt of the notice.

No payments were made in response to the loan recall notice.

vi. Notice under Section 13(2) of the SARFAESI Act, 2002 was issued on

18.06.2020. The lender also initiated arbitration proceedings against the corporate debtor Bliss Abode