The Resolution Professional has a statutory obligation and the authority under the Code to take control of the corporate debtor's assets. Preliminary, contingent, or void contractual arrangements held by third parties cannot obstruct this duty, and the Adjudicating Authority possesses jurisdiction to grant recovery of possession without civil litigation.

IN THE MATTER OF:

1. Sh. Rahul Jindal, Resolution Professional

Samar Estates Private Limited

IBB/IPA-001/IP-P-02649/2021-2022/14048

(AFA valid up to 30.06.2026)

Address: 109, Surya Kiran Building, KG Marg, New Delhi-110001.

...Applicant/Resolution Professional

Versus

1. M/s SVSJ Developers Private Limited,

Having its registered office at A-2, Villa-1,

Exotica, Gurugram, Haryana

Through its Director, Shri Sachin Jain.

...Respondent No. 1

2. Virender Bagai, Suspended Director of

M/s Samar Estates Private Limited,

Resident of House No.87,

Sector-7, Panchkula-134109,

Email ID: bagaivinod.svg@gmail.com.

...Respondent No. 2

3. Vinod Bagai, Suspended Director of

Samar Estates Private Limited,

Resident of House No.87, Sector-7,

Panchkula-134109,

Email ID: bagaivinod.svg@gmail.com.

...Respondent No. 3

AND IN THE MATTER OF:

Punjab & Sind Bank

….Petitioner/Financial Creditor

Versus

Samar Estates Pvt. Ltd.

….Respondent/Corporate Debtor

Order delivered on: 22.04.2026

Coram: SH. KHETRABASI BISWAL, MEMBER (JUDICIAL)

SH. SHISHIR AGARWAL, MEMBER (TECHNICAL)

Present:

For the Applicant/RP: Mr. Aalok Jagga, Advocate

Mr. APS Madaan, Advocate

Mr. Sahil Lohan, Advocate

Mr. Aryaman Jagga, Advocate

Mr. Madhav Singhal, Advocate

For Respondent No. 1: Mr. Abhishek Anand, Advocate

Mr. Raghav Dembla, Advocate

For the Suspended Board

of Directors/Respondent

No. 2 and 3: Mr. Aman Kashyap, Advocate

Mr. Aarush Kashyap, Advocate

Mr. Arora Vishwas Kumar, Advocate

ORDER

1. The present Application has been filed by the Resolution Professional of Samar Estates Private Limited, hereinafter referred to as the Corporate Debtor, under Section 60(5) read with Section 18(1)(f) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code) for, interalia, seeking directions against M/s SVSJ Developers Private Limited, Respondent No.1, to hand over the physical possession of the asset of the Corporate Debtor to the extent occupied by it, including approximately 5,35,000 sq. ft. area of the project “Ess Vee Apartments” situated at Sector-20, Panchkula, Haryana, and for appropriate directions for violation of the provisions of the Code.

Brief Facts

2. The brief facts of the case, as stated by the Applicant, are as follows:

(i) The Corporate Debtor was engaged in the development of a residential group housing project known as “Ess Vee Apartments”, situated at Sector-20, Panchkula, Haryana, being constructed on land measuring approximately 14.95 acres. The said project was being developed under Licence Nos. 609–612 dated 27.03.2006, granted by the Director, Town and Country Planning, Haryana, under Section 3(3) of the Haryana Development and Regulation of Urban Areas Act, 1975, read with Rule 11 of the Haryana Development and Regulation of Urban Areas Rules, 1976, permitting the development of a residential group housing colony on the said land. The Corporate Debtor was undertaking construction and development activities in the said project prior to the initiation of insolvency proceedings.

(ii) It is submitted that during the course of development of the aforesaid project, delays occurred in the progress and completion of construction. To address the delay and facilitate the continuation of development of the project, discussions were held between the Corporate Debtor, M/s SVSJ Developers Private Limited (Respondent No.1) a