Appearances:

For Petitioner: Adv. Rohit Gupta a/w. Adv. Aditya M. (PH)

For Respondent: Adv. Ayush Rajani a/w. Adv. Mitali Bhatt and Adv. Siddharth Etambe i/b. AKR Legal (PH)

ORDER

I.A. NO. 3929/2025

1. The present application was initially filed by the ICICI Bank Limited (“Bank”), against Mr. Neehal M. Pathan, the Resolution Professional (“RP”) of the Hughes Project of Rohan Developers Private Limited (“Corporate Debtor”), seeking following reliefs:

“a) Direct the RP of the Corporate Debtor to admit the claim of the Applicant as a financial creditor in the CIRP of "7 Hughes Project" and accordingly reflect it in the list of creditors;

b) Admit the Applicant into the CoC and provide minutes of meeting of earlier meeting conducted;

c) Pass such other or further order(s) as this Hon'ble Tribunal may deem fit and proper in the interest of justice.”

2. An Interlocutory Application bearing No. 1561 of 2026, was filed by Omkara Asset Reconstruction Private Limited (“Applicant”) seeking substitution of its name in place of the Bank in the present I.A. bearing No. 3929 of 2025. The said substitution was sought basis an Assignment Agreement dated 30.03.2026, through which the debt forming the subject matter of the present application stood assigned in favour of the Applicant, and the same was allowed by this Tribunal vide order dated 21.04.2026.

3. Brief Facts as per the Application:

3.1 This Tribunal, vide order dated 24.01.2025 passed in C.P. No. 601 of 2024, admitted Rohan Developers Private Limited (“RDPL”) into the Corporate Insolvency Resolution Process (“CIRP”). Thereafter, I.A. No. 645 of 2025 was filed seeking rectification of the said order on the ground that the insolvency pertained to the ‘Project’ and not to the Corporate Debtor, i.e., Rohan Developers Private Limited. The said rectification application was allowed by this Tribunal vide order dated 06.02.2025, thereby initiating CIRP against the Project.

3.2 The Applicant filed its claim in Form C as a Financial Creditor of the Corporate Debtor on 20.02.2025. However, it is submitted that their claim has been admitted as that of a Secured Creditor and not as Secured Financial Creditor.

3.3 It is submitted that, a loan of Rs. 90 Crores was disbursed to the Corporate Debtor on 17.06.2011. However, as the Corporate Debtor was unable to develop inter alia the 7 Hughes Project independently and was therefore unable to service the Bank's loan in a timely manner, it started exploring options to enter into a joint development arrangement with another developer.

3.4 On 29.03.2016, the Bank had issued a credit arrangement letter to IndoGlobal, sanctioning two different Rupee Term Loan facilities amounting to Rs. 115 crores and Rs. 60 crores, respectively, aggregating to Rs. 175 crores, for the construction and development of real estate projects, including the "7 Hughes Project" ("7 Hughes/Project under CIRP") (which was then referred to as "Project Ajinkya" and "Project Pathare").

3.5 Thereafter, on 12.04.2016, a Joint Development Agreement (“JDA”) was executed and registered between the Corporate Debtor, IndoGlobal and the tenants of the premises of the 7 Hughes Project and Project Pathare wherein development rights were given to IndoGlobal. Under the said arrangement, IndoGlobal was required to provide to the Corporate Debtor an interest-bearing refundable deposit of Rs. 175 crores and an interest-free refundable deposit of Rs. 10 crores, funded through the Applicant Bank’s loan facility. It is an admitted position that IndoGlobal disbursed Rs. 171,28,14,500/- and Rs. 9,00,00,000/- towards the said deposits to the Corporate Debtor, including Rs. 90 crores utilised towards repayment of the Corporate Debtor’s existing liabilities secured by a mortgage over both projects, namely the project under CIRP and Project Pathare and the remaining amount was to be utilized towards the development of the said projects.

3.6 In addition to the JDA, personal guarantees amounting to Rs. 85 crores