Case Details
Case Name: Asset Reconstruction Company (India) Ltd. vs. Vikas Gopichand Khiyani, IRP of Xrbia Warai Developers Pvt. Ltd. and Asset Reconstruction Company (India) Ltd. vs. Sanjay Vijay Jeswani, IRP of Xrbia North Hinjewadi Developers Pvt. Ltd.
Court/Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Case Numbers: Comp. App. (AT) (Ins) No. 1536 of 2025 and Comp. App. (AT) (Ins) No. 1537 of 2025
Order Date: 12th May, 2026
Parties Involved
Appellant: Asset Reconstruction Company (India) Ltd. (ARCIL) in both appeals
Respondents:
- Vikas Gopichand Khiyani, Interim Resolution Professional (IRP) of Xrbia Warai Developers Pvt. Ltd. (Case No. 1536/2025)
- Sanjay Vijay Jeswani, IRP of Xrbia North Hinjewadi Developers Pvt. Ltd. (Case No. 1537/2025)
Legal Representation:
- For Appellant (ARCIL): Mr. Arun Kathpalia, Sr. Advocate with Ms. Padhmaja Kaul, Mr. Kushagra and Ms. Deeksha, Advocates (Case 1536); Mr. Krishnendu Datta, Sr. Advocate with Ms. Padhmaja Kaul, Mr. Kushagra and Mr. Harsh, Advocates (Case 1537)
- For Respondents: Mr. Kunal Tandon, Sr. Advocate with Ms. Natasha Singh, Ms. Shreni Taran, Mr. Gaurav J. and Mr. Shivansh Bhatt, Advocates (Case 1536); Mr. Amir Arsiwala and Mr. Yash Jariwala, Advocates (Case 1537)
Tribunal Bench: Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member Technical)
Final Ruling & Enforcement
The NCLAT passed the following orders:
- Granted liberty to the applicant to file an application within one week
- Listed both appeals for hearing on 26th May, 2026 at 02:00 P.M.
- Directed that the interim order shall continue in both cases until the next hearing
The order was passed in hybrid mode and the proceedings are ongoing with the next hearing scheduled for May 26, 2026.