NATIONAL COMPANY LAW TRIBUNAL

COURT-V, MUMBAI BENCH

203. IA/3929/2025 IA/1570/2025 IA/3195/2025 C.P. (IB)/601(MB)2024

IN THE MATTER OF

Rajendra Raja Bali Singh

VS

Rohan Developers Private Limited

U/s 7 of the Insolvency and Bankruptcy Code, 2016

Order Delivered on 16.12.2025

CORAM:

SH. MOHAN PRASAD TIWARI SH. CHARANJEET SINGH GULATI

MEMBER (J) MEMBER (T)

Appearance through VC/Physical/Hybrid Mode:

For the Petitioner In IA/1570/2025 IA/3195/2025: Adv. Ayush Rajani (PH)

For the Petitioner In IA/3929/2025: Adv. Shyam Kapadia (PH) For the Respondent In IA/3929/2025: Adv. Ayush Rajani (PH)

For the Respondent in IA/3195/2025: Adv. Rohit Gupta (R-1 and R-2)(PH)

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ORDER therein that once the ICICI Bank undertakes the necessary changes in terms of the deed of cancellation, the subsequent allocation/categorization shall be done further. Accordingly, we deem it appropriate to direct the respective parties to place on record the Audited Financials of the Corporate Debtor as on 31.03.2025 or seek a suitable certificate from the Chartered Accountant regarding the utilization of the money advanced by the ICICI Bank, who is applicant herein. For the purposes, the Resolution Professional, if so required, can approach the concerned bank to obtain the bank statement of the Corporate Debtor to establish the flow of funds from the loan account to the respective projects of the RDPL. The Resolution Professional may place on record the details/documents as have been indicated hereinabove within three weeks. List this IA accordingly for further consideration on 27.01.2026.

IA/3929/2025: Learned counsel for the Applicant and the Respondent were heard. The main issue in this IA to be decided is whether the Applicant herein is the Financial Creditor of the Corporate Debtor (project-wise) or not. Though learned counsel for the Applicant argued that the entire loan granted by the ICICI Bank was utilized for the Ajinkya Project at 7 Hughes Road, Mumbai, which is under CIRP on a project-wise basis, we note that the entire liability which comes on the Corporate Debtor is only on account of deed of cancellation dated 23.02.2022. However, in the notes to the account of the balance sheet as on 31.03.2024, the allocation in respect of the project-wise utilization of the money advanced by the Applicant herein has not clearly been outlined. It is mentioned

IA/1570/2025: Learned counsel for the Resolution Professional submits that consequent to the order passed on 25.11.2025 in IA 105 of 2025, he still has to undertake the necessary action and accordingly, seeks accommodation. List this IA for further consideration on 03.02.2026.

IA/3195/2025: This IA has been filed by the Resolution Professional under Section 19(2) r/w Regulation 30. The Details and documents which have been sought by way of this IA have been given at Para-11 Pages-15, 16, 17 and 18. Learned counsel for the Respondent draws our attention to the email written by the Resolution Professional dated 06.10.2025 and further their response to the said email dated 07.10.2025. Learned counsel for the Respondent submits that as per the email dated 06.10.2025 of the Resolution Professional only two aspects remain to be complied which are as under:-

i. Amount receivable in the project as per the list of receivables and the RERA Form-3.

ii. Closing work in progress.

Learned counsel for the Respondents submits that vide their email dated

07.10.2025 they have responded even to the said query.

When this aspect was pointed out to the learned counsel for the Applicant he submits that the User-ID and Password for logging into the Income Tax Portal and the GST Portal are still remaining to be complied with. However, he submits that the RP is given access by the management, as the company is being run by the management for the projects other than the project which is under the CIRP. In this view of the matter, learned counsel for the RP submits that this IA may be disposed of, wi