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2026 Supreme(Online)(NCLAT) 1029
NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH NEW DELHI
COMPANY APPEAL (AT)(INSOLVENCY) No.933 of 2026 (Arising out of judgement and order dated 07.04.2026 passed by National Company Law Tribunal, New Delhi in CP(IB) No.36/2026).
In the matter of:
Bindu Kapoor, (Suspended Director)
Imagine Estate Private Ltd
Flat No.34, NCPA Apartments Dr Dorabji Tata Road, Nariman Point, Mumbai City, Mumbai Maharashtra 400021 Appellant
Vs
1) Mamta Binani Reg. No. – IBBI/IPA-002/IP-N00086/2017-18/10227
Interim Resolution Professional Imagine Estate Private Limited
3rd Floor (Hare Street Entry)
Nicco House, 2 Hare Street Kolkata, West Bengal – 700001 Email: mamtabinani@gmail.com
2) J.C. Flowers Asset Reconstruction Pvt. Ltd.
(Acting in its capacity as trustee of JCF ARC Trust 2024 - 2025)
CIN No. U74999MH2015PTC264081 Having its registered office at:
Unit No. 203 – 206, 2nd Floor Wing A, Inspire BKC, Bandra (East), Mumbai – 400051 and Branch Office at: 1st Floor, Hotel Aloft, 5B, IGI T3 Road, Aerocity, New Delhi – 110037 Email: ayush.agarwal@jcfarc.com
3) Imagine Estate Private Limited
307 & 308, 3rd Floor, Midas Sahar Plaza Andheri Kurla Road Andheri (East) Mumbai – 400059 Email: cirp.imagineestate@gmail.com Respondents
For Appellant: Mr. Krishnendu Datta, Sr. Advocate with Mr. Abhay Chattopadhyay, Mr. Udipto Koushik Sarmah, Mr. Kumar Shubham, Mr. Harsh Gurbani, Advocates.
For Respondent: Mr. Sandeep Bajaj, Ms. Aakanksha Nehra, Mr. Shubham Jaiswal, Ms. Sanya Mann, Advocates for R-1 along with Ms. Mamta Binani, RP-in person.
Mr. Abhijeet Sinha, Sr. Advocate with Mr. Ritesh Kumar, Mr. Sidhant Kumar Marwah, Mr. Jasmeet Singh, Mr. Shivam Sharan, Mr. Pushpendra Kumar, Mr. Naman Gowda, Mr. Siddhant Ahirwal, Ms. Lahar Jain and Ms. Ekssha Kashyap, Advocates for R-2.
JUSTICE YOGESH KHANNA, MEMBER (JUDICIAL)
Dated:06-11-2026
WITH COMPANY APPEAL (AT)(INSOLVENCY) No.934 of 2026 (Arising out of judgement and order dated 07.04.2026 passed by National Company Law Tribunal, New Delhi in CP(IB) No.32/2026).
In the matter of:
Bindu Kapoor, (Suspended Director)
Imagine Home Pvt. Ltd.
Flat No.34, NCPA Apartments Dr Dorabji Tata Road, Nariman Point, Mumbai City, Mumbai Maharashtra 400021 Appellant
Vs
1) Mamta Binani Reg. No. – IBBI/IPA-002/IP-N00086/2017-18/10227
Interim Resolution Professional Imagine Home Pvt Ltd
3rd Floor (Hare Street Entry)
Nicco House, 2 Hare Street Kolkata, West Bengal – 700001 Email: mamtabinani@gmail.com
2) J.C. Flowers Asset Reconstruction Pvt. Ltd.
(Acting in its capacity as trustee of JCF ARC Trust 2024 - 2025)
CIN No. U74999MH2015PTC264081 Having its registered office at:
Unit No. 203 – 206, 2nd Floor Wing A, Inspire BKC, Bandra (East), Mumbai – 400051 and Branch Office at: 1st Floor, Hotel Aloft, 5B, IGI T3 Road, Aerocity, New Delhi – 110037 Email: ayush.agarwal@jcfarc.com
3) Imagine Home Pvt. Ltd
307 & 308, 3rd Floor, Midas Sahar Plaza Andheri Kurla Road Andheri (East) Mumbai – 400059 Email: cirp.imagineestate@gmail.com Respondents
For Appellant: Mr. Abhay Chattopadhyay, Mr. Udipto Kaushik Sarmah and Mr. Kumar Shubham, Advocates.
For Respondent: Mr. Sandeep Bajaj, Ms. Aakanksha Nehra, Mr. Shubham Jaiswal, Ms. Sanya Mann, Advocates for R-1 along with Ms. Mamta Binani, RP-inperson.
Mr. Sidhant Kumar Marwah, Mr. Jasmeet Singh, Mr. Shivam Sharan, Mr. Pushpendra Kumar, Mr. Naman Gowda, Mr. Siddhant Ahirwal, Ms. Lahar Jain and Ms. Ekssha Kashyap, Ms. Heena Kocchar, Advocates for R-2.
WITH COMPANY APPEAL (AT)(INSOLVENCY) No.935 of 2026 (Arising out of judgement and order dated 07.04.2026 passed by National Company Law Tribunal, New Delhi in CP(IB) No.31/2026).
In the matter of:
Bindu Kapoor, (Suspended Director)
Imagine Residence Private Ltd.
Flat No.34, NCPA Apartments Dr Dorabji Tata Road, Nariman Point, Mumbai City, Mumbai Maharashtra 400021 Appellant
Vs
1) Mamta Binani Reg. No. – IBBI/IPA-002/IP-N00086/2017-18/10227
Interim Resolution Professional Imagine Residence Pvt Ltd
3rd Floor (Hare Street Entry)
Nicco House, 2 Hare Street Kolkata, West Bengal – 700001 Email: mamtabinani@gmail.com
2) J.C. Flowers Asset Reconstruction Pvt. Ltd.
(Acting in its capacity as trustee of JCF ARC Trust 2024 - 2025)
CIN No. U74999MH2015PTC264081 Having its registered office at:
Unit No. 203 – 206, 2nd Floor Wing A, Inspire BKC, Bandra (East), Mumbai – 400051 and Branch Office at: 1st Floor, Hotel Aloft, 5B, IGI T3 Road, Aerocity, New Delhi – 110037 Email: ayush.agarwal@jcfarc.com
3) Imagine Residence Private Ltd.
307 & 308, 3rd Floor, Midas Sahar Plaza Andheri Kurla Road Andheri (East) Mumbai – 400059 Email: cirp.imagineestate@gmail.com Respondents
For Appellant: Mr. Abhay Chattopadhyay, Mr. Udipto Kaushik Sarmah and Mr. Kumar Shubham, Advocates.
For Respondent: Mr. Sandeep Bajaj, Ms. Aakanksha Nehra, Mr. Shubham Jaiswal, Ms. Sanya Mann, Advocates for R-1 along with Ms. Mamta Binani, RP-inperson.
Mr. Sidhant Kumar Marwah, Mr. Jasmeet Singh, Mr. Shivam Sharan, Mr. Pushpendra Kumar, Mr. Naman Gowda, Mr. Siddhant Ahirwal, Ms. Lahar Jain and Ms. Ekssha Kashyap, Ms. Heena Kocchar, Advocates for R-2.
WITH COMPANY APPEAL (AT)(INSOLVENCY) No.943 of 2026 (Arising out of judgement and order dated 07.04.2026 passed by National Company Law Tribunal, New Delhi in CP(IB) No.30/2026).
In the matter of:
Bindu Kapoor, (Suspended Director)
Imagine Habitat Private Ltd, Flat No.34, NCPA Apartments Dr Dorabji Tata Road, Nariman Point, Mumbai City, Mumbai Maharashtra 400021 Appellant
Vs
1) Mamta Binani Reg. No. – IBBI/IPA-002/IP-N00086/2017-18/10227
Interim Resolution Professional Imagine Habitate Private Limited
3rd Floor (Hare Street Entry)
Nicco House, 2 Hare Street Kolkata, West Bengal – 700001 Email: mamtabinani@gmail.com
2) J.C. Flowers Asset Reconstruction Pvt. Ltd.
(Acting in its capacity as trustee of JCF ARC Trust 2024 - 2025)
CIN No. U74999MH2015PTC264081 Having its registered office at:
Unit No. 203 – 206, 2nd Floor Wing A, Inspire BKC, Bandra (East), Mumbai – 400051 and Branch Office at: 1st Floor, Hotel Aloft, 5B, IGI T3 Road, Aerocity, New Delhi – 110037 Email: ayush.agarwal@jcfarc.com
3) Imagine Habitat Private Ltd, 307 & 308, 3rd Floor, Midas Sahar Plaza Andheri Kurla Road Andheri (East) Mumbai – 400059 Email: cirp.imagineestate@gmail.com Respondents
For Appellant: Mr. Abhay Chattopadhyay, Mr. Udipto Kaushik Sarmah and Mr. Kumar Shubham, Advocates.
For Respondent: Mr. Sandeep Bajaj, Ms. Aakanksha Nehra, Mr. Shubham Jaiswal, Ms. Sanya Mann, Advocates for R-1 along with Ms. Mamta Binani, RP-inperson.
Mr. Sidhant Kumar Marwah, Mr. Jasmeet Singh, Mr. Shivam Sharan, Mr. Pushpendra Kumar, Mr. Naman Gowda, Mr. Siddhant Ahirwal, Ms. Lahar Jain and Ms. Ekssha Kashyap, Ms. Heena Kocchar, Advocates for R-2.
JUDGEMENT
(Justice Yogesh Khanna)
Officiating Chairperson
(Mr. Barun Mitra)
Member (Technical)
(Mr. Ajai Das Mehrotra)
Member (Technical)
Dated:06-11-2026 BM
JUSTICE YOGESH KHANNA, MEMBER (JUDICIAL)
The present four appeals being Company Appeal (AT)(Insolvency) Nos. 933, 934, 935 and 943 of 2026 have been filed by Mrs. Bindu Kapoor (Appellant) in her capacity as suspended director of four corporate debtors. All the four appeals have been filed against common impugned order dated 07.04.2026 passed by Ld. NCLT, New Delhi Bench in CP(IB) Nos. 36, 32, 31 and 30 of 2026. These four petitions were filed against four different Corporate Debtors, namely, Imagine Estate Private Ltd (CP(IB) No.36 of 2026), Imagine Home Private Ltd. (CP(IB) No.32 of 2026), Imagine Residence Private Ltd. (CP (IB) No.31 of 2026) and Imagine Habitat Private Ltd. (CP(IB) No.30/2026). The common issues are raised in these appeals and the facts of Company Appeal(AT)(Insolvency) No.933 of 2026 of Ld. NCLT, New Delhi Bench in CP(IB) No.36 of 2026 titled J.C. Flowers Asset Reconstruction Pvt. Ltd Vs. Imagine Estate Private Limited are taken up while deciding these appeals. The petition CP(IB) NO.36 of 2026 was filed by M/s J.C. Flowers Asset Reconstruction Ltd (i.e. “Respondent No. 2 / JCF”) seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) against the Corporate Debtor (“CD”). It is argued Ld. NCLT has vide the Impugned Order passed an entirely unreasoned order and proceeded to admit the Corporate Debtor into CIRP, appointing Ms. Mamta Binani as an Interim Resolution Professional (“IRP / Respondent No.1”) of the Corporate Debtor.
2. Section 7 Petition was filed by M/s JCF against the Corporate Debtor, inter-alia, based on the following financial arrangements:
(i) the CD’s hypothecation against a loan of Rs. 105 crore availed by M/s Bliss House Private Limited (“BHPL”) from M/s Indiabulls Housing Finance Limited (“IHFL”), pursuant to a Loan Agreement dated 29.03.2019 (“Rs. 105 crore loan” and “Hypothecation Deed”); and
(ii) two loans worth Rs. 160 crore and Rs. 90 crore availed by the CD from IHFL under Loan Agreements dated 05.09.2018, aggregating to Rs. 250 crore (“Rs. 250 crore loans”), and;
(iii) two loans worth Rs. 172 crore and Rs. 174 crore availed by the Corporate Debtor from Indiabulls Commercial Credit Limited (“ICCL”) under Loan Agreements dated 07.10.2019, aggregating to Rs. 346 crore (“Rs. 346 crore loans”, collectively referred to along with the Rs. 250 crore loans as the “Rs. 596 crore loans”).
It was alleged while BHPL as well as the CD had duly complied with their obligations, on 09.03.2020, IHFL issued the Loan Recall Notices (“2020 LRNs”), recalling the loan facilities alleging an ‘Event of Default’ had occurred as a result of ‘Material Adverse Effect’ under the aforesaid Loan Agreements, without any justification or elaboration of the alleged ‘Event of Default’.3. Considering the dispute resolution scheme under the aforesaid loans, arbitral proceedings were initiated by IHFL and it finally concluded on 08.05.2021, wherein, the Ld. Sole Arbitrator reserved the matter for the purpose of passing the awards (“IHFL Arbitration”). After a significant delay of one (1) year, nine (9) months and twenty (20) days, the Ld. Sole Arbitrator proceeded to issue similarly – worded Awards on 28.02.2023. Aggrieved by the aforesaid Awards rendered by the Ld. Sole Arbitrator in the IHFL Arbitration, BHPL as well as the CD, preferred petitions under Section 34 of the Arbitration Act before the Hon’ble High Court of Delhi in September 2023 (collectively referred to as “Section 34 Petitions”)
4. On 29.03.2025, IHFL executed an Assignment Agreement in favour of M/s JCF whereby all of IHFL’s rights in relation to the Rs. 105 crore loan as well as the Rs. 596 crore loans were assigned to M/s JCF. It is alleged subsequently, on 24.10.2025, M/s JCF, with an alleged malafide intent to circumvent the aforesaid Section 34 Petitions, filed a Petition under Section 7 of IBC before the Ld. NCLT, New Delhi seeking initiation of CIRP against BHPL which was admitted by the Ld. NCLT, vide Order dated 21.01.2
