Sumeet Nagpal v. Insolvency And Bankruptcy Board Of India & ORS.

$~97 * IN THE HIGH COURT OF DELHI AT NEW DELHI + W.P.(C) 4370/2025 SUMEET NAGPAL .....Petitioner Through:

Mr. Rahul Gupta, Advocate.

versus INSOLVENCY AND BANKRUPTCY BOARD OF INDIA & ORS. .....Respondents Through:

Mr. Apoorv Khator, Adv. for R-1.

Ms. Shiva Lakshmi, CGSC along with Mr. Govind Sharma and Mr.

Madhav Bajaj, Advocates for UOI.

CORAM:

HON'BLE MR. JUSTICE SACHIN DATTA % 07.04.2025

O R D E R

CM APPL.20149/2025 (Exemption) 1.

Allowed, subject to all just exceptions.

2.

Application stands disposed of.

W.P.(C) 4370/2025 3.

The petitioner, Mr. Sumeet Nagpal, is an allottee of a commercial unit in the project titled 'Crown Business IT Park', originally developed by M/s Crown Realtech Private Limited .

4.

M/s Crown Realtech Pvt. Ltd (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), New Delhi, through its order dated 06.12.2019. Thereafter, Mr. Atul Kumar Kansal was appointed as the Resolution Professional (RP) by the Ld. National Company Law Tribunal, New Delhi vide its order dated 02.03.2020.

The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

5.

Subsequently, the Resolution Plan of Crown Abacus IT Park Association (SRA) stood approved by the Ld. National Company Law Tribunal, New Delhi vide order dated 21.02.2023, whereafter in terms of the Resolution Plan of the Crown Abacus IT Park Association, Mr. Atul Kumar Kansal was absolved from his duties as Resolution Professional, and thereafter, assumed the role of chairman of the Monitoring Committee of Crown Abacus IT Park Association.

6.

The petitioner alleges that Mr. Kansal, in his capacity as RP and Monitoring Committee Chairman, committed a series of violations of the IBC and allied regulations.

7.

Among other violations, the petitioner submits that Mr. Atul Kumar Kansal acted in collusion with the Crown Abacus IT Park Association by setting arbitrary eligibility criteria to favour the said association, allowing them to participate despite non-compliance, and modifying their resolution plan in violation of the prescribed rules. It is further submitted that he failed to report major breaches, including the non-deposit of the full upfront amount of ₹10 Crores and the non-implementation of the resolution plan by Crown Abacus IT Park Association. He is also accused of enabling fraudulent financial practices and misappropriation of project resources. 8.

Aggrieved by the same the petitioner filed a complaint with IBBI on 23.09.2024, bearing complaint no. IBBI/C/2024/01242 .

9.

It is submitted that despite the statutory obligation under Regulation 7 of the 2017 Regulations to dispose of the complaint within 30 days, no decision has been taken even after a lapse of over six months .

10.

The petitioner made multiple attempts to seek updates, including by contacting respondent no. 2 via the official number listed on IBBI's website, The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

sending emails on 14.11.2024, and submitting reminders via the online portal, but no response or action was forthcoming. Consequently, a legal notice dated 18.01.2025 was also served via email and registered post, urging the respondents to take time-bound action, but to no avail. 11.

Being aggrieved by the same the petitioner has approached this Court. 12.

The limited relief sought by the petitioner is that the respondent no.1 (Insolvency and Bankruptcy Board of India) be directed to dispose of the complaint of the petitioner bearing number IBBI/C/2024/01242 in a time bound manner.

13.

Learned counsel for the respondent no.1 submits, on instructions, that the IBBI is actively seized of the said complaint and that the same shall be disposed of within a period of four weeks from today. 14.

Taking the above statement on record, the present petition is disposed of.

15.

Needless to say, the petitioner would be at liberty to avail appropriate remedies in case it is dissatisfied with the outcome of the aforesaid exercise. SACHIN DATTA, J APRIL 7, 2025/r The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.