MUMBAI BENCH, COURT-I I.A. NO. 4789 OF 2025 IN Under section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 In the matter of OMKARA ASSET RECONSTRUCTION PRIVATE LIMITED ….Financial Creditor VERSUS GIGEO CONSTRUCTION COMPANY PRIVATE LIMITED ....Corporate Debtor AND In the matter of BSEL ALGO LIMITED ….Applicant VERSUS MR. PANKAJ BHATTAD RESOLUTION PROFESSIONAL OF GIGEO CONSTRUCTION CO.

PVT. LTD.

….Respondent Order Pronounced on 07.01.2026 Coram:

Sh. Prabhat Kumar Sh. Sushil Mahadeorao Kochey Hon’ble Member (Technical) Hon’ble Member (Judicial)

Appearances:

For the Applicant : Adv. Rohit Gupta, Ms. Somya For the Resolution Professional : Adv. Saksham Ahuja, Adv. Mayukh Roy and Adv. Shivam Mehra, Mr. Utsav Mukherjee

ORDER

Brief facts of the case:

1. This Interlocutory Application being I.A. No. 4789 of 2025 has been filed by BSEL Algo Limited, formerly known as BSEL Infrastructure Private Limited (hereinafter referred to as “the Applicant”) in the Corporate Insolvency Resolution Process (‘CIRP’) of Gigeo Construction Company Private Limited (hereinafter referred to as “the Corporate Debtor”) against Mr. Pankaj Bhattad (hereinafter referred to as “the resolution professional of the Corporate Debtor”), which was admitted by this Adjudicating Authority vide order dated 04.06.2024 in C.P. (IB)-1180 (MB)/2022 on an application filed by Omkara Asset Reconstruction Private Limited, a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“the Code”).

2. Pursuant to the admission of the Corporate Debtor into CIRP, Mr. Ritesh R. Mahajan was initially appointed as the Interim Resolution Professional, and Mr. Pankaj Bhattad, the Respondent herein, as the Resolution Professional of the Corporate Debtor in the 1^st Meeting of the Committee of Creditors held on 01.07.2024, and confirmed by this Tribunal vide order dated 02.08.2024. The applicant has sought the following reliefs:

a. Quash and set aside impugned decision dated 21/05/2025 of Resolution Professional declining the Applicant's claim dated

24/01/2025.

b. Direct the Resolution Professional of Corporate Debtor to accept the Applicant's claim dated 24/01/2025 and act accordingly.

c. Pending the hearing and final disposal of the above Interlocutory Application, effect, operation and execution of the impugned decision dated 21/05/2025 be stayed.

d. Pending the hearing and final disposal of the above Interlocutory Application further proceeding in CIRP may kindly be kept in abeyance and or made subject to the outcome of present Interlocutory Application.

e. For ad interim and interim relief in terms of prayers (c) to (d)

above.

f. For costs.

3. BSEL Algo Limited (formerly known as BSEL Infrastructure Realty [L99999MH1995PLC094498], a company incorporated under the Companies Act, 1956 ) having Registered Office at 737, 7th Floor, The Bombay Oil Seeds & Oils Exchange Premises Co-operative Society Limited, the Commodity Exchange, Plot Nos.2, 3 & 4, Sector 19, Vashi, Navi Mumbai-400 705. The Applicant is a Secured Creditor of Corporate Debtor under a registered mortgage deed dated 25.04.2014.

4. The Applicant had filed a claim for Rs. 22,94,33,060/-, consisting of principal amount of Rs. 11,65,00,000/- and interest thereon up to 24.06.2024 amounting to Rs. 11,29,33,060/-, in claim Form C dated 24.01.2025. The claim of the applicant was rejected by the Respondent Resolution Professional vide email dated 21.05.2025 on ground of limitation in terms of Article 137 of the Limitation Act stating that the period of limitation cannot be extended beyond 06.06.2018 by way of the said balance confirmation dated 06.06.2015.

5. Brief facts leading to the claim of the applicant are as follows :

a. The Corporate Debtor had undertaken redevelopment of land bearing CTS Nos.3110 and 3111 (part), 3112, Khasra No.317, village: Sitabuldi, Taluka and District: Nagpur admeasuring about 2587.25 sq. mts. owned by M