IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH [Through Physical hearing/VC Mode (Hybrid)]

ITEM No.01 IA 833/2024 in C.P. (IB) No. 45/BB/2021 IN THE MATTER OF:

Mr. Ashish Rijwani &Ors. … Petitioners Vs.

M/s. Mantri Developers Pvt. Ltd. … Respondent Petition under Section 7 of IBC, 2016 Order delivered on: 27.02.2026 CORAM:

SHRI SUNIL KUMAR AGGARWAL HON’BLE MEMBER (JUDICIAL)

SHRI RADHAKRISHNA SREEPADA HON’BLE MEMBER (TECHNICAL)

COUNSELS PRESENT:

For the Petitioner &

Respondent in IA.833/2024 : Shri Tanishq Kashyap For the Respondent : Appeared

ORDER

1. I.A.No.833/2024 is dismissed vide separate order.

2. List the case for hearing on main Petition on 13.04.2026.

-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/web based video-conferencing platform)

I.A No. 833/2024 in CP (IB) No.45/BB/2021 (Application under sub-section (5) of section 60 of the Insolvency and Bankruptcy Code, 2016 read with rule 11 of the National Company Tribunal Rules, 2016)

IN THE MATTER OF:

Ms/ Mr. Smitha Saha and Rajith Shaji S/O Shri Shaji K.V Resident Of: Wind Tunnel Road, Bangalore. … Applicant/ Intervenor No. 1 Mr. Patel Mohinuddin S/O Mdz. Patel Resident Of: CB, Bellany – 583102 … Applicant/ Intervenor No. 2 Versus Ashish Rijhwani & Ors Authorised Representative of Homebuyers S/o Shri Chetan Rijhwani R/o B-221, SVSS Patel Callisto, Amaruthahalli, Bengaluru – 560092. … Respondents IN THE MAIN MATTER OF:

Ashish Rijhwani & Ors Authorised Representative of Homebuyers S/o Shri Chetan Rijhwani R/o B-221, SVSS Patel Callisto, Amaruthahalli, Bengaluru – 560092. … Petitioner/Financial Creditors Versus M/s Mantri Developers Private Limited Having registered office at: 41, Vittal Mallya Road, Bengaluru, Karnataka– 560001 … Respondent/ Corporate Debtor Order delivered on: 27/02/2026 CORAM: 1. Shri Sunil Kumar Aggarwal, Hon’ble Member (Judicial)

2. Shri Radhakrishna Sreepada, Hon’ble Member (Technical)

PARTIES/COUNSELS PRESENT:

For the Applicant : Shri Ajay Prabhu For the Respondent : Ms. Nikita Ganesh O R D E R

1. The present Application was filed on 12.11.2024 for the following reliefs:

a) Allow the instant Intervention Application and permit the Applicants/

Intervenors to assist this Hon'ble Tribunal and also dismiss the petition.

b) Permit the Intervenors to make submissions and bring necessary and vital informational/document on record of this Hon'ble Tribunal.

c) Pass any other orders as this Hon'ble Court deems fit in the interest of justice.

2. Brief Facts of the case stated in support of the Application are as follows:

i. The Applicants are allottee/homebuyers who have booked flats/units in the real estate project Mantri Webcity being developed by the Mantri Developers Private Limited (“Corporate Debtor”). Applicants are directly concerned and connected in addition to being impacted and affected by the ongoing/resuming of the instant proceedings initiated against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code,2016 (“IBC/Code”) filed by the Respondents.

ii. During pendency of the present Section 7 proceedings initiated by the respondents, who are Petitioners in CP (IB) No.45/BB/2021, some of the other homebuyers who are contesting as Petitioners approached the Applicants and induced them to support the petition and refrain from taking any independent legal action with assurances that amicable settlement talks would be initiated with the Corporate Debtor during the pendency of the petition as filing of the Section 7 petition in CP (IB) No.45/BB/2021 was merely a pressure tactic” and a strategy to facilitate settlement and early delivery of booked apartments. Thus, relying upon these assurances, Applicants were led to believe that the matter would be resolved amicably as genuine efforts for settlement were made by the Petitioners which wou