Case Details

Case Name: Company Appeal (AT) (Insolvency) No. 373 of 2026 & I.A. No. 1448, 1449, 3245 of 2026

Parties: Rupal Manish Patel (Suspended Designated Partner of Keya Buildtech LLP) vs Punit Handa (RP of Keya Buildtech LLP) & Ors.

Court/Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi

Date of Order: 25th May 2026

Next Hearing Date: 8th July 2026

Parties Involved

Appellant: Rupal Manish Patel, Suspended Designated Partner of Keya Buildtech LLP

Respondents: Punit Handa (Resolution Professional of Keya Buildtech LLP) and Others (including allottees in commercial building project)

Legal Representation:

  • For Appellant: Mr. Abhijeet Sinha, Sr. Advocate with Mr. Nipun Gautam and Mr. Akshay, Advocates
  • For Respondents: Mr. Siddharth Sangal, Ms. Richa Mishra, Ms. Mrinalini Tandon and Ms. Kashish, Advocates for R-1; Mr. Siddharth S., Mr. Punit Handa and Ms. Shivani Sharma, Advocates for R-2 & R-3

Issues / Allegations / Violations

  • Appeal challenges order admitting Corporate Debtor (Keya Buildtech LLP) to CIRP under Section 7 of IBC initiated by respondent Nos. 2 and 3 (allottees in commercial building project)
  • One key issue relates to the number of allottees versus number of allotments
  • Appellant objects to continuation of current IRP (Punit Handa) citing that M/s SB (holding 50.91% voting share) objected to his appointment
  • Appellant argues that concept of deemed IRP continuing till conclusion of resolution process is unknown to IBC

Interim Applications & Proceedings

  • I.A. No. 3245 of 2026 filed by first respondent/IRP seeking permission to issue 'Form – G' for claims
  • Tribunal had earlier (order dated 25.02.2026) required IRP to obtain leave of Tribunal before issuing Form-G
  • Appellant granted time till 29.05.2026 to file reply to I.A. No. 3245 of 2026
  • All respondents have filed their replies; appellant granted time to file rejoinder by 19.06.2026

Committee of Creditors (CoC) Actions

  • CoC with M/s SB holding 50.91% voting share disapproved substitution of current IRP
  • Same CoC has approved issuance of 'Form – G'
  • Despite objections, first respondent is required to continue and discharge functions of RP

Final Ruling & Enforcement

  • Case adjourned to 8th July 2026 for further hearing
  • No final decision on merits of appeal yet
  • IRP continues to function pending resolution of the appeal