| 17-10-2022 | "The appeal was filed by Ashok Gupta, Suspended Director of Ajnara India Ltd., against the admission of Corporate Insolvency Resolution Process (CIRP) initiated by home-buyers of the Ajnara Ambrosia project.
* The Appellant argued:
-Only home-buyers of Ajnara Ambrosia are financial creditors.
-Two towers are already completed and possession handed over.
-Management offered to deliver possession of remaining flats within 6-9 months, and refunds (with RERA interest) within 3-4 months.
-A One-Time Settlement (OTS) was entered into with PNB Housing Finance on 19 September 2022.
-CIRP, if at all, should be confined only to Ajnara Ambrosia and not extended to other seven projects.
* The Respondent (home-buyers) stated they had no objection if construction of Ajnara Ambrosia is supervised by the IRP.
-The Appellant also submitted that the IRP had hurriedly constituted the Committee of Creditors (CoC) on 11 October 2022 without completing claim verification.
⚖️ Tribunal's Decision
* The Tribunal held that CIRP is confined only to the Ajnara Ambrosia project.
* The IRP shall supervise construction of Ajnara Ambrosia with assistance from the Corporate Debtor, its officers, and employees.
* Respondents were given three weeks to file reply affidavits, and rejoinders could be filed within two weeks thereafter.
* In the meantime, the IRP was directed not to take any further steps beyond supervising construction.
The matter was listed for 30 November 2022." | Court Case |
| 30-11-2022 | "The matter involved two connected appeals:
* Company Appeal (AT) (Insolvency) No. 1243 of 2022 (Ashok Gupta vs. Manish Kumar Gupta & Anr.)
* Company Appeal (AT) (Insolvency) No. 1365 of 2022 (Tata Capital Housing Finance Ltd. vs. Manish Kumar Gupta & Anr.)
* Several Interlocutory Applications (IAs 4501, 4502, 4476) were pending.
* The Tribunal directed that pleadings be completed before the next hearing.
- Appeals were scheduled to be listed on 20 December 2022.
- The interim order was directed to continue until the next date of hearing." | Court Case |
| 20-12-2022 | Matters adjourned to 21.12.2022. Interim order to continue. | Court Case |
| 21-12-2022 | Appeals listed for 09.01.2023. RP directed to file additional status report. Interim order to continue. | Court Case |
| 09-01-2023 | Substitution of L&T Finance by ARCIL allowed; intervention permitted; refund of excess court fee ordered. Proposal filed by appellant. Matters listed for 11.01.2023. | Court Case |
| 11-01-2023 | IRP directed to continue with other projects of corporate debtor with cooperation of ex-management. Frozen accounts allowed to operate with IRP countersignature. IRP to maintain accounts. Appellant to convene meeting with financial creditors and file proposal. Next hearing 13.02.2023. | Court Case |
| 13-02-2023 | Permission granted to file rejoinders and hard copies of status report. Matter listed for 29.03.2023. Interim order to continue. | Court Case |
| 29-03-2023 | IRP's sealed status report opened in court. Rejoinders filed in IA 4476/2022. Appeal transferred to Chairperson's court. Interim order to continue. | Court Case |
| 09-05-2023 | Tata Capital directed to file hard copy of IA. Interim order to continue in Appeal 1243/2022. Both appeals listed for 02.06.2023. | Court Case |
| 02-06-2023 | IRP directed to file comprehensive status report on all projects by 26.06.2023. Applications of intervenors to be heard next date. Listed for 05.07.2023. | Court Case |
| 05-07-2023 | IRP filed status report (20.09.2022-26.06.2023). Stakeholders directed to file responses. Adjourned to 25.07.2023. | Court Case |
| 25-07-2023 | Tribunal noted earlier orders (17.10.2022 & 11.01.2023). IRP short of funds; options discussed (interim finance, sale of unsold units, homebuyer payments). Appellant claimed infusion of ₹22 Cr and plans for ₹500 Cr. Directed to file affidavit by 04.08.2023. Next hearing 17.08.2023. | Court Case |
| 17-08-2023 | Court time over. Adjourned to 29.09.2023. | Court Case |
| 29-09-2023 | Permission granted to intervenors to file hard copy of response to RP's report. Next hearing 05.10.2023. | Court Case |
| 05-10-2023 | Adjourned to 02.11.2023. | Court Case |
| 02-11-2023 | On request of counsel, adjourned to 06.11.2023. Application by ARCIL to be appended and hard copy filed. | Court Case |
| 06-11-2023 | Appeal 1243/2022 adjourned to 08.11.2023. Appeal 1365/2022 dismissed as withdrawn. | Court Case |
| 08-11-2023 | Due to paucity of time, case not heard. Adjourned to 20.11.2023, to be shown at no. 1. | Court Case |
| 20-11-2023 | Counsel sought adjournment. Adjourned to 30.11.2023. | Court Case |
| 30-11-2023 | Court time over. Adjourned to 06.12.2023. | Court Case |
| 06-12-2023 | Senior Counsel for Respondent not present; case adjourned to 11.12.2023. | Court Case |
| 11-12-2023 | Due to paucity of time, matter not heard. Adjourned to 18.12.2023, listed as item no. 1. | Court Case |
| 18-12-2023 | Court time over. Adjourned to 17.01.2024. | Court Case |
| 17-01-2024 | Counsel for parties sought adjournment. Case adjourned to 31.01.2024, listed as item no. 1. | Court Case |
| 31-01-2024 | Registry inadvertently listed case at no. 14 instead of no. 1. Adjourned to 08.02.2024, to be listed at no. 1. | Court Case |
| 08-02-2024 | Court time over. On request of counsel, matter adjourned to 15.02.2024 as item no. 1. Parties directed to file hard copies of applications. | Court Case |
| 15-02-2024 | Registry directed to list matter on 21.02.2024 at top of the board. | Court Case |
| 21-02-2024 | Arguments heard at length but court time over. Adjourned to 28.02.2024. | Court Case |
| 28-02-2024 | Arguments still ongoing. Adjourned to 29.02.2024. | Court Case |
| 29-02-2024 | Tribunal directed IRP to convene project-wise joint stakeholder meetings (Suspended Directors, Lenders, Homebuyers, Land Authorities). Detailed schedule issued (March-April 2024). IRP to file comprehensive report by 10.04.2024. Next hearing on 16.04.2024. | Court Case |
| 16-04-2024 | | Court Case |
| 01-05-2024 | Court time over. Adjourned to 15.05.2024. | Court Case |
| 15-05-2024 | | Court Case |
| 03-07-2024 | Court time over. Adjourned to 25.07.2024. | Court Case |
| 25-07-2024 | IA 4476/2022 Originally filed by L&T Finance Limited to intervene and extend the CIRP (Corporate Insolvency Resolution Process) to another project, Ajnara Panorama, along with Ajnara Ambrosia. On main matter argument is still going on | Court Case |
| 22-08-2024 | IRP filed comprehensive report (two volumes). Objections filed by Tata Capital, YEIDA, ARCIL, and others. Court time over; adjourned to 20.09.2024. Stakeholders permitted to file objections before next date. | Court Case |
| 20-09-2024 | Adjournment sought as appellant's counsel was unwell (dengue). Case adjourned to 15.10.2024. | Court Case |
| 15-10-2024 | Court time over. Adjourned to 08.11.2024. | Court Case |
| 08-11-2024 | Notices issued in multiple IAs filed by homebuyers, lenders, YEIDA, ARCIL, HDFC, Tata Capital. Counsel for appellant and IRP accepted notice and sought time to file replies. Adjourned to 29.11.2024. | Court Case |
| 29-11-2024 | Tribunal granted last opportunity to file replies in pending IAs. Advocate Vikas Gupta permitted to file application in IA 1895/2023 seeking change of Authorized Representative. Appeal listed for 10.01.2025. | Court Case |
| 10-01-2025 | On request of counsel, case adjourned to 07.02.2025 in post-lunch session | Court Case |
| 07-02-2025 | Appeal listed for 21.02.2025 at 2:00 PM. | Court Case |
| 21-02-2025 | Case adjourned to 17.03.2025 at 2:00 PM. | Court Case |
| 16-05-2025 | Appeal listed for 27.05.2025 at 2:00 PM. | Court Case |
| 08-07-2025 | Counsel requested post-lunch hearing; matter adjourned to 30.07.2025 at 2:00 PM. | Court Case |
| 04-09-2025 | Court time over. Adjourned to 08.10.2025. | Court Case |
| 08-10-2025 | | Court Case |
| 10-11-2025 | Appeal listed for 12.12.2025. | Court Case |
| 12-12-2025 | Tribunal granted two weeks for parties to file replies/rejoinders in pending IAs. NOIDA also directed to file reply in IA 2407/2025. Next hearing on 07.01.2026. | Court Case |
| 07-01-2026 | Heard RP on status report and IA 2407/2025. NOIDA counsel continued submissions but not completed. Adjourned to 08.01.2026. | Court Case |
| 08-01-2026 | Tribunal directed parties (suspended directors, lenders, homebuyers, NOIDA) to hold a joint meeting on 16.01.2026 at NOIDA office to explore amicable resolution. IA 2407/2025, RP's status report, and IA 3789/2025 to be taken up on next date. Listed for 29.01.2026. | Court Case |
| 29-01-2026 | IA 2407/2025 disposed: NOIDA and IVR Prime Developers impleaded as respondents. Other prayers (recognition of Ajnara India Ltd. as co-developer, sub-division approval) deferred. Tribunal directed IRP to accept Appellant's EOI and prepare comparative chart of all EOIs. Copies of proposals to be shared with stakeholders. Next hearing on 26.02.2026 to decide "road ahead" for resolution (project-wise or whole CD) and possible constitution of CoC/Stakeholder Committee/Monitoring Committee. | Court Case |
| 26-02-2026 | IRP reported collation of proposals including those from suspended board. Tribunal reiterated that next hearing will decide resolution path and committee constitution. Appellant's counsel began submissions but could not conclude due to paucity of time. Case adjourned to 20.03.2026 at 2:00 PM. IA 3787/2025 (Ajnara Panorama RWA intervention) permitted to file hard copy; to be taken up later when Panorama matters are heard. | Court Case |
| 20-03-2026 | Matter did not taken up and next date will notified soon | Court Case |
| 16-04-2026 | Matter did not taken up and next date will notified soon | Court Case |
| 17-04-2026 | IRP tried for an early date but Ajnara lawyer was not available in April so next date will notified soon | Court Case |
| 12-05-2026 | Post hearing update here | Court Case |
