IN THE NATIONAL COMPANY LAW TRIBUNAL

BENGALURU BENCH, BENGALURU

[Through Physical hearing/VC Mode (Hybrid)]

ITEM No.07

C.P. (IB) No. 146/BB/2024

IN THE MATTER OF:

D P N C Advisors Pvt. Ltd. … Petitioner

Vs.

M/s. House of Kieraya Pvt. Ltd. … Respondent

Petition under Section 9 of IBC, 2016

Order delivered on: 10.11.2025

CORAM:

SHRI. SUNIL KUMAR AGGARWAL

HON’BLE MEMBER (JUDICIAL)

SHRI. RADHAKRISHNA SREEPADA

HON’BLE MEMBER (TECHNICAL)

COUNSELS PRESENT:

For the Petitioner : Shri Savar Mahajan

For the Respondent : Ms. Bani Dixit

ORDER

The Company Petition is dismissed vide separate order. File be consigned to

Record Room.

-Sd- -Sd-

RADHAKRISHNA SREEPADA SUNIL KUMAR AGGARWAL

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

BL

IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH (Exercising powers of Adjudicating Authority under The Insolvency and Bankruptcy Code, 2016)

(Through Physical Hearing/ VC Mode (Hybrid))

U/s. 9 of the IBC, 2016 read with Rule 6 of the IBC (AAA) Rules, 2016 IN THE MATTER OF:

D P N C Advisors Private Limited Registered Office: 5-5-110/1, Plot No. 113, Prashanti Nagar, Kukatpally, Hyderabad, Telangana – 500072 - Operational Creditor Versus House of Kieraya Private Limited Registered Office 192/ 1,2,3, C. K. Palya, Sakalwara Post, Bannerghatta Road, Bangalore, Karnataka- 560083 - Corporate Debtor Order delivered on: 10.11.2025 CORAM: Shri Sunil Kumar Aggarwal, Hon’ble Member (Judicial)

Shri Radhakrishna Sreepada, Hon’ble Member (Technical)

COUNSELS PRESENT:

For the Petitioners: Mr. C.K Nandakumar, Sr. Adv., with Mr. Savar Mahajan, Ms. Pooja Mahajan, Ms. Lekha Chandrashekar, Ms. Vyshak Mr. Srivatsava Beerapalli and Mr. Rakesh For the Respondent : Shri Dhyan Chinnappa, Sr. Adv. with Ms. Bani Dikshit, Mr. Parashuram A.L and Mr. Uddhav Khanna Adv.

O R D E R

1. This petition has been filed on 03.06.2024 under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity ‘IBC’/Code), read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by D P N C Advisors Private Limited seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against House of Kieraya Private Limited on the ground that the Corporate Debtor has committed a default for an outstanding amount of Rs.7,50,00,000/- (Rupees Seven Crores Fifty Lakhs Only) as on 17.07.2023

2. Brief relevant facts of the case as narrated by the Petitioner, are as follows:

i. D P N C Advisors Private Limited ("DPNC/ Petitioner/Operational Creditor)

a part of DPNC Group and an associate firm of Dewan P.N. Chopra & Co. which is one of the leading Chartered Accountant firms in India, with more than 80 years of experience in providing professional services to their clients. DPNC is a company incorporated under the provisions of Companies Act, 2013 on 22.06.2012. House of Kieraya Private Limited ("HoK"/ "Corporate Debtor") is a private limited company incorporated on 18.04 2012 under the provisions of Companies Act, 2013. Respondent is the parent company of several well-known brands. including Furlenco, which is an online platform and leader in the furniture rental market, and offers subscription-based furniture services. The Respondent has positioned itself as a major player in the tech-driven online furniture and lifestyle sector in India. The primary focus of Respondent is committed towards sustainability, aiming to reduce over-production and resource wastage in furniture industry by offering high- quality, well-designed furniture through innovative models like e-commerce & rental.

ii. The Operational Creditor had entered into an initial Engagement Letter dated

26.08.2017 with the Corporate Debtor for providing advisory services related to fund raising and strategic investments. Subsequently, a revised Engagement Letter dated 01.02.2019 (“Engagement Letter”) was executed, which superseded the earlier one and outlined the scope of services, including assisting the Corporate Debtor in "fund raising for the Company to support future growth. As per Clause 3 of the En