In the matter of VIGNESHWARA DEVELOPERS PRIVATE LIMITED

Order under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunals Rules, 2016.

IN THE MATTER OF: Lavkash Verma ...Financial Creditor Versus M/s Vigneshwara Developers Private Limited and Anr. ... Corporate Debtor

Order Pronounced On: 21.05.2026

CORAM: JUSTICE ANUPINDER SINGH GREWAL HON’BLE PRESIDENT SHRI RAVINDRA CHATURVEDI HON’BLE MEMBER (TECHNICAL) APPEARANCES:

For the Petitioner : Ms. Purti Gupta, Advocate along with Ms. Henna George, Ms. Khushi Sharma, Ms. Sunidhi Sah and Ms. Pooja Aggarwal, Advocate in IA- 4999/2025 For the Intervener : Mr. Sardesh Bajaj, Advocate along with Ms. Akansha Nehra, Mr. Shubham Jaiswal and Ms. Himangi Arora, Advocates in Ivn.P-66/2025 For the Official Liquidator : Mr. Sanyat Lodha, Additional Standing Counsel (OL) along with Ms. Lakshita Jain, Advocate

ORDER IA-4999/2025 1. The instant Application is filed on 08.10.2025, by a Financial Creditor, who is the Petitioner in the main CP(IB)-1076/2019 before this Adjudicating Authority, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“Code”), r/w Rule 11 of the National Company Law Tribunal Rules, 2016 seeking revival/restoration of the main proceedings in CP(IB)-1076(PB)/2019 and for appointment of interim resolution professional (IRP).

Details of the Corporate Debtor: 2. M/s Vigneshwara Developers Pvt. Ltd (the CD) was incorporated on 21.11.2005 under the Companies Act, 1956, having CIN: U45201DL2005PTC142779. The registered address of the Corporate Debtor is D-16/C Bhagwani House, Hauz Khas, New Delhi, South Delhi, 110016. Therefore, this Bench has jurisdiction to deal with this petition.

Background Facts: 3. The present matter pertains to proceedings involving Vigneshwara Developers Pvt Ltd and related entities before the Hon’ble Delhi High Court and the National Company Law Tribunal.

4. Initially, winding up proceedings were instituted against the CD in 2015. On 22.07.2016, the Hon’ble Delhi High Court admitted the said winding up petition no CP 534/2015 and appointed a Provisional Liquidator. Relevant portion of the order is reproduced hereinbelow:

5. Subsequently, in April 2017, an interim settlement was arrived at before the Delhi High Court Mediation Centre.

6. Thereafter, from March 2018 onwards, the promoters, having entered into settlements with various creditors, filed a Company Application, being Co. Application No. 509/2018, seeking approval of a Scheme of Compromise and Arrangement amongst Vigneshwara Developwell Private Limited, Vigneshwara Developers Pvt Ltd, their members and creditors and the Revival Scheme was allowed.

7. That the instant Petition CP 1076/2019 was filed by the Applicant, Lavkash Verma, in regard to the CD under Section 7 of the Insolvency and Bankruptcy Code, 2016, on 24.04.2019, seeking initiation of corporate insolvency resolution process (CIRP) against Vigneshwara Developers Pvt. Ltd. This Adjudicating Authority (AA) issued notice on 02.05.2019. The company was admitted to CIRP by this AA vide order dated 10.10.2019. Relevant portion of the order is reproduced herein below:

8. An appeal against the admission order was preferred before the Hon’ble NCLAT in Company Appeal (AT) (Insolvency) No. 1263 of 2019.

9. The above admission order of this AA was further challenged before the Hon’ble Delhi High Court in Writ Petition (Civil) No. 11706/2019, wherein the Hon’ble Delhi High Court vide order dated 08.11.2019 directed that the admission order of this AA be kept in abeyance. Relevant portion of the order dated 08.11.2019 of the Hon’ble Delhi High Court is extracted herein below:

10. As per the records, the Authorised Representative for the Homebuyers was appointed vide order dated 14.11.2019 by this AA, and further, a report also certifying the constitution of the CoC was filed. Nevertheless, the CIRP as admitted by this AA could not proceed in view of the stay order passed by the Hon’ble Delhi High Court on 08.11.2019, as reproduced above.

11. Consequently, on 12.12.2019, the matter before the Adjudicating Authority was adjourned sine die. The relevant portion of the order is extracted hereinafter:

12. The Hon’ble NCLAT also adjourned the matter sine die vide order dated 17.11.2021 and the relevant portion is reproduced hereinafter:

13. Thereafter, on 27.01.2020, the Hon’ble Delhi High Court approved the Scheme of Compromise and Arrangement. Relevant portion of the order dated 27.01.2020 is extracted hereinbelow:

14. In view of the approval of the scheme, an application being IA No. 634/2025 was filed by the Interim Resolution Professional before this AA seeking discharge and the same was allowed vide order dated 09.07.2025, by this AA. Accordingly, the CP (IB)-1076(ND)/2019 was closed, observing that no purpose would be served in continuing the CIRP once the scheme of the Corporate Debtor had already been sanctioned by the Hon’ble Delhi High Court. Relevant portion of the order dated 09.07.2025 passed by this AA is extracted hereinbelow:

15. In 2023, unworkability of the scheme was noted by Hon’ble Delhi High Court vide order dated 04.01.2023 and winding up was restored. The relevant portion of the order dated 04.01.2023 is reproduced hereinbelow:

…

16. Eventually vide order dated 24.09.2025 in CO.APPL. 608/2025 (Transfer of Proceedings To NCLT), the Hon’ble Delhi High Court directed revival of the proceedings observing that, considering the large number of investors involved, revival of proceedings under the IBC would be in public interest. Relevant portion of the order passed by the Hon’ble Delhi High Court is extracted hereinbelow:

17. In the wake of the above, an Application bearing IA No. 4999/2025 on 08.10.2025 came to be filed before this AA seeking the following relief:

18. Further, the Hon’ble NCLAT in the appeal being Company Appeal (AT) (Insolvency) No. 1263 of 2019, which was earlier declared sine die, passed the following order dated 16.10.2025, dismissing the appeal as infructuous:

Findings and Analysis

19. Heard Ld. Counsels for the Parties and perused the documents placed on record.

20. A question in the instant Application, which has come up for the argument, is whether the Application under section 7 shall be heard from the stage of initiation itself or be restored from the same stage where it was closed.

21. On this, we are of the view that the directions of the Hon’ble High Court in paragraph 33 of the order dated 24.09.2025 are clear as to the revival of the Application, which means that the matter be revived to the same stage when the Company Petition (IB)1076/2019 was closed. In the context, it may be highlighted that the Company Petition (IB)1076/2019 was only closed vide order dated 09.07.2025, with the liberty to parties to avail remedy as per the IBC, if cause arises. Meaning thereby that the same could be revived as and when the cause arose. Since the direction for this AA has come for revival from the Hon’ble Delhi Court, the Company Petition (IB)1076/2019 is liable to be revived, as admitted vide our earlier order dated 10.10.2019, from the same stage at which it was closed on 09.07.2025. Accordingly, considering the records and documents placed on record in the present proceedings and upon hearing the submissions made on behalf of the Applicant, the instant application is allowed in terms of the directions contained in this order.

22. Since Mr Sunder Khatri, erstwhile IRP, was discharged vide order dated 09.07.2025, the Applicant in the present application has proposed the name of a new IRP. Considering the said request, we are inclined to appoint the proposed IRP, namely Ms. Ritu Rastogi, having registration number IBBI/IPA-001/IP-P00204/2017-2018/10393 as the Interim Resolution Professional. Consent of the proposed IRP in Form 2, along with disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, is filed, and attached as Annexure A-6 of the instant Application at page 147.

23. The IRP is directed to adhere to the directions made by this AA in the admission order dated 10.10.2019. IRP shall continue with the CIRP in accordance with the provisions of the IBC and CIRP regulations.

24. The IRP shall coordinate with the erstwhile IRP, the Authorised Representative (“AR”) appointed vide order dated 14.11.2019 in the present matter, and the Official Liquidator for the purpose of collecting claims filed, financial information, and all documents prepared in relation to the Corporate Debtor. The erstwhile IRP and the Official Liquidator shall extend necessary cooperation to the IRP, as and when required. The AR is also directed to act in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016, read with the relevant rules and regulations framed thereunder.

25. The IRP shall cause a public announcement to be made in one English newspaper and one regional language newspaper having wide circulation in the area where the Corporate Debtor has its registered office or carries on substantial business operations, intimating the revival of the CIRP and last date on or before which claims by the creditors including homebuyers may be filed. It shall be the duty of the IRP to ensure that the revival of the CIRP is widely advertised with adequate details of the CD and IRP.

26. The IRP is directed to collate the claims afresh, including the new claims which may be filed pursuant to this order, as well as the claims already filed either in the present CIRP or before the Official Liquidator in the winding up proceedings before the Hon’ble Delhi High Court. The IRP shall independently collate all homebuyers' claims available in the Corporate Debtor's records, irrespective of whether such claims have been formally filed.

27. The IRP is directed to take steps to ensure revival of CIRP, including, without limitation, filing of an Application seeking exclusion of the time period absorbed in the litigation regarding CD and/or extension, in accordance with the law.

28. The Registry is directed to communicate this order to the financial creditor(s), corporate debtor, and to the Interim Resolution Professional and the concerned Registrar of Companies, within seven working days of the pronouncement of this order. A copy of the order shall be communicated to the IBBI for their record.

29. The IRP shall also serve a copy of this order to the various departments, such as Income Tax, GST (centre), State Trade Tax, Provident Fund etc., who are likely to have their claim against the Corporate Debtor, as well as to the trade unions/employees associations, so that they are informed about the revival of CIRP against the Corporate Debtor.

30. Copy of this order be sent to IBBI by the Registry.

31. Resultantly, the instant Application, i.e. IA-4999/2025 stands allowed.

32. Further, an intervention being Ivn. P – 66/2025 has been filed seeking the following prayer: a. Recall Order dated 09.07.2025, whereby CP 1076/2019 was closed. b. Appoint ARCK Resolution Professionals LLP (an Insolvency Professional Entity) as the Interim Resolution Professional and direct it to commence the corporate insolvency resolution professional afresh; and/ or c. Applicant be permitted to intervene in the captioned Petition and make their respective submissions before this Hon'ble Tribunal; and/ or d. Pass such order or further orders as deemed appropriate and necessary to this Hon'ble Tribunal in the interest of justice

Ld. Counsel appearing for the Applicant in the present intervention petition, during the course of the hearing, submitted that they support the present application IA 4999/2025 seeking revival of the CIRP. Ld. Counsel further submitted that they have no objection to the appointment of any Insolvency Professional as Interim Resolution Professional by this Adjudicating Authority (“AA”). In view thereof, Intervention Petition No. 66/2025 stands dismissed as infructuous.

Sd/- ANUPINDER SINGH GREWAL (PRESIDENT) Sd/- RAVINDRA CHATURVEDI MEMBER (TECHNICAL)