M/S Space Infra Consulting Pvt. Ltd vs Atul Mittal Resolution Professional ...

Comp. App. (AT) (Ins) No. 1259 of 2026 & I.A. No. 4742 of 2026 IN THE MATTER OF: Space Infra Consulting Pvt. Ltd. ...Appellant(s)

Versus Atul Mittal Resolution Professional Logix Infratech ...Respondent(s) Pvt. Ltd. Present: For Appellant :

For Respondents : Mr. Aditya Madaan, Mr. Rahul Narula, Advocates.

ORDER

(Hybrid Mode)

17.08.2026 This appeal is filed against an impugned order dated

13/04/2026 whereby an application bearing No. 3409 of 2024 in C.P. (IB)

No. 882 of 2020, filed by the appellant u/s 60(5) of the Insolvency and

Bankruptcy Code, 2016 read with Rule 11 of The National Company Law

Appellate Tribunal Rules, 2016, seeking admission of the claim as a

homebuyer, for the units, numbers of which were mentioned in Annexure 'A'

of the application, was rejected.

2. The case of the appellant is he had undertaken the construction

development work of the corporate debtor and a total amount of

Rs. 1,82,00,000/- was due on account of such construction work

undertaken by the appellant for the corporate debtor, for which invoices

were raised showing such balance due. It is argued since the corporate

debtor was not in a position to repay the dues of the appellant, the corporate

debtor allotted five units in favour of the appellant to set off its dues, in lieu

of the raised invoices. It is submitted by the Ld. Counsel for appellant initially its claim was admitted by the Resolution Professional, but later it

was cancelled on the ground the earlier admission was only provisional.

3. It is the submission of the Ld. Counsel for Resolution Professional the

claim of the appellant was rejected on the two counts; firstly, the

construction work allegedly carried out was rather disputed as it did not

commensurate with the work done and the figures were disputed; and

secondly, as per its own admission, the flats were allegedly allotted to him

in lieu of the construction work done and hence it was not a financial debt.

The impugned order was premised on M/s Propertree Real Estate Solutions

Private Limited vs. Mr. A. Viswanadha Sarma, RP of Unibera Developers

Private Limited [Company Appeal (AT) (Ins) No. 1659 of 2024] which held if

the allotment of the flats by the Corporate Debtor were, in lieu of any

monetary dues from the Corporate Debtor, it would not amount to financial

debt. It is submitted decision of this Tribunal was upheld by the Hon'ble

Supreme Court vide its judgement dated 19/12/2025 in Civil Appeal No.

15065 of 2025.

4. It is also submission of the Ld. Counsel for RP since the debt was

disputed, the only alternative for the appellant was to file a Civil Suit against

the corporate debtor as such disputes could be sorted out in summary

jurisdiction. At this stage, the Ld. Counsel for appellant submits he shall file

an application before the Ld. NCLT to seek liberty to institute Civil Suit qua

his claims.

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5. The appeal is thus disposed of granting such liberty to the appellant

and if such application is filed it may be decided as per its merits within a

time bound frame. The appeal is disposed of in terms of the above.

I.A. Nos. 4742, 4868 and 4869 of 2026, are also disposed of.

[Justice Yogesh Khanna] The Officiating Chairperson

[Barun Mitra] Member (Technical)

[Ajai Das Mehrotra] Member (Technical) Prerana/md

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