NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, COURT-I, CHANDIGARH I.A.(IBC)/1113(CH)/2025 CP (IB) No. 248/Chd/Chd/2019 (Admitted)

Application under section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016 IN THE MAIN MATTER OF:

KONE ELEVATOR INDIA PVT. LTD.

…Operational Creditor Vs.

CHANDIGARH OVERSEAS PRIVATE LIMITED …Corporate Debtor AND IN THE MATTER OF:

MR. ANUJ GOYAL S/o Shri Ramesh Giyal R/o A-4/4, Paschim Vihar, New Delhi-110063 …Applicant Vs.

Mr. ATUL KUMAR KINRA Resolution Professional Chandigarh Overseas Pvt. Ltd.

#3159, Sector 38D, Chandigarh-160036 Email: irpcopl@gmail.com …Respondent Order delivered on: 13.03.2026 Coram: HON’BLE MR. KHETRABASI BISWAL, MEMBER (JUDICIAL)

HON’BLE MR. SHISHIR AGARWAL, MEMBER (TECHNICAL)

Present:

For the Applicant: Mr. Anand Chhibbar, Senior Advocate Mr. Ashwani Sharma, Advocate Ms. Swati Vashisth, Advocate Ms. Isha Virmani, Advocate For the RP: Mr. Atul V. Sood, Advocate Mr. Rohan Sood, Advocate Mr. Atul Kumar Kinra, RP-in-person (online)

For the Homebuyers: Mr. Sarjit Bhadu, Senior Advocate Ms. Sanya Thakur, Advocate PER: SH. KHETRABASI BISWAL, MEMBER (JUDICIAL)

SH. SHISHIR AGARWAL, MEMBER (TECHNICAL)

ORDER The present Application is filed by the Applicant, who is a homebuyer of the Corporate Debtor i.e. Chandigarh Overseas Pvt. Ltd. (hereinafter referred to as the CD) under section 60(5) of the insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code) read with Rule 11 of the National Company Law Tribunal Rules, 2016 (hereinafter referred to as NCLT Rules) for seeking appropriate directions against the Respondent. The Applicant has made the following prayer to:

(a) Allow the present Application; and (b) Pass an Order appointing an Insolvency Professional as the Resolution Professional of the CD;

© Until the appointment of a new RP, all the IAs including Plan Approval IA in C.P.(IB) No. 248 of 2019 be kept in abeyance;

(d) Pass such other or further order/order(s) as it may deem fit and proper in the facts and circumstances of the instant application.

2. The facts of the case, as stated by the Applicant in the Application is as under:

(a) The Applicant submitted the Disciplinary Committee of the “IBBI”, suspended the registration of Mr. Arvind Kumar as the RP (hereinafter referred to as the erstwhile RP) for a period of 2 years from 11.07.2025. The Applicant further stated the Disciplinary Committee also observed and directed in Para 3.4 of the said Order that in cases of the other Corporate Debtors of the RP, their respective CoC as the case may be, will decide about continuation of the existing assignment of erstwhile RP.

(b) The Applicant submitted that the erstwhile RP was engaged in fraudulent practices by manipulating the CoC through admission of unverifiable and bogus claims from struck-off companies and related parties. It was further alleged that the RP failed to investigate avoidable transactions under Sections 43, 45, 50 and 66 of the Code and did not take steps to cancel illegal sale deeds despite directions of the CoC. The Applicant also contended that similar misconduct was noted in the Richa Industries matter (C.P.(IB) No. 80 of 2018), wherein the Disciplinary Committee of IBBI suspended the RP’s registration for two years w.e.f. 11.07.2025. However, the order permits the CoC to decide his continuation, which has been challenged by the Applicant before the Delhi High Court by way of W.P.(C) No. 9087 of 2025 © The Applicant further submitted that on 04.07.2025, the Hon’ble High Court of Delhi issued notice in W.P.(C) No. 9087 of 2025 filed by the Applicant challenging the continuation of the erstwhile RP. The Applicant further submitted that in the meeting of the class of creditors held on 28.06.2025, several homebuyers, including the Applicant, raised objections to the continuation of the erstwhile RP in view of the IBBI’s Order dated 11.06.2025 suspending the RP’s registration and sought deferment of