NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, COURT-I, CHANDIGARH IA(IBC)694(CH)2024 CP (IB) No. 248/Chd/Chd/2019 (Admitted)

Application under section 60(5) of the Insolvency and Bankruptcy Code read with Rule 11 of the National Company Law Tribunal Rules, 2016 In the matter of I.A. No. 694 of 2024 Pardeep Kumar Goel

263, Rani Di Kothi, PWD Rest House Sangrur 148001 …Applicant Vs.

Atul Kumar Kinra Resolution Professional of Chandigarh Overseas Private Limited #3159, Sector 38D, Chandigarh-160036 Email: irpcopl@gmail.com …Respondent In the main matter of:

Kone Elevator India Private Ltd …Operational Creditor Vs.

Chandigarh Overseas Private Limited …Corporate Debtor Order delivered on: 17.04.2026 Coram: MR. KHETRABASI BISWAL, MEMBER (JUDICIAL)

MR. SHISHIR AGARWAL, MEMBER (TECHNICAL)

Present:

For the Applicant: Mr. Aalok Jagga, Advocate Mr. Sahil Lohan, Advocate Mr. APS Madaan, Advocate Mr. Aryaman Jagga, Advocate Mr. Madhav Singal, Advocate For the RP/Respondent: Mr. Atul V. Sood PER: SH. KHETRABASI BISWAL, MEMBER (JUDICIAL)

SH. SHISHIR AGARWAL, MEMBER (TECHNICAL)

ORDER The present Application bearing I.A. No. 694 of 2024 has been filed by Mr. Pardeep Kumar Goel (hereinafter referred to as Applicant) against the Resolution Professional of Corporate Debtor i.e Chandigarh Overseas Private Limited (hereinafter referred to as the RP/Respondent) 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 the NCLT Rules) seeking to set aside communication dated 05.09.2023 and 18.10.2023 whereby the Respondent has admitted the claim of the Applicant only to the extent of Rs, 2,10,00,000/- in the category of "Other Creditor (Related Party)" in spite of the fact that applicant submitted his claim Form CA dated 14.07.2023 for being considered as financial creditor as the debt in question falls within the definition of financial debt in terms of section 5 (8) of the Code and consequently the applicant is a financial creditor under section 5(7) of the Code.

2. The facts of the case, as stated by the Applicant in the Application are summarized hereunder:

(a) The Applicant submitted that the Operational Creditor, Kone Elevator India Private Limited, filed a petition bearing CP(IB) No. 248 of 2019 under Section 9 of the Code against the Chandigarh Overseas Private Limited (hereinafter referred to as the CD) which was admitted by this Tribunal 27.02.2023, thereby initiating CIRP. Pursuant thereto, the Interim Resolution Professional issued a public announcement in Form-A inviting claims from creditors in accordance with the Code.

(b) The Applicant submitted that on 26.03.2012 an Agreement to Sell was executed between the Applicant and the CD for purchase of Showroom No. 12 in the proposed commercial complex “Accord High Street” at Sector-90, Mohali ₹ ₹

for a total consideration of 3.5 crores, out of which the Applicant paid 2.1 crores as earnest money at the time of signing the Agreement which is duly recorded in the Agreement. According to the agreement, the Applicant was obligated to develop and construct the showroom within a stipulated period of 2 years. The Applicant contented that he was the Allottee of the showroom for which amount of Rs. 2.1 crore had already been paid by him.

© The Applicant further submitted that he filed a claim in Form-CA on 14.07.2023 claiming a total amount of 10,83,03,216/-, comprising the principal amount of 2,10,00,000/- and interest calculated at 18% amounting to 8,73,03,216/-. The RP initially verified the claim and sought certain additional documents which were duly furnished by the Applicant. However, the RP by email dated 05.09.2023, admitted the claim only to the extent of

3,93,64,932/- by calculating interest at 8% instead of 18%, allegedly without any justification. Subsequently, by email dated 18.10.2023, the RP rejected the Applicant’s claim as a Financial Creditor and arbitraril