Case Details

Case Name: Sulekh Jain Versus Ashish Kumar & Ors.

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

Case Number: Comp. App. (AT) (Ins) No. 557 of 2024

Intervention Application Numbers: I.A. No. 3706 of 2026, I.A. No. 3734 of 2026

Order Date: May 25, 2026

Parties Involved

Appellant: Sulekh Jain

Respondents: Ashish Kumar & Others (Ashish Kumar & Ors.)

Intervenor/Applicant: Kotak Mahindra Bank Limited, represented by Mr. Gulshan Kumar Sachdev

Counsel for Appellant: Mr. Chitranshul A. Sinha, Mr. Shivam Shorewala, Ms. Rakshita Bhargava, Ms. Archie Garg & Ms. Esha Sharma

Counsel for Respondents: Mr. Sumesh Dhawan, Mr. Jaskaran S. Bhatia & Mr. Khyati K., Adv.; Mr. Rajesh Kumar Gautam, Mr. Aman Gahlot & Ms. Rishi Chauhan (for Respondent-80)

Issues / Allegations / Violations

Kotak Mahindra Bank Limited filed an intervention application alleging that the Resolution Professional (RP), under the guise of initiating Corporate Insolvency Resolution Process (CIRP) for a specific project of the Corporate Debtor, is also "costing schedules" on another project of the Corporate Debtor named "Aravali Heights."

Findings & Observations

The Tribunal noted that copies of the intervention application and an interim stay application had not been provided to all parties involved in the appeal, as was evident from the submissions made by the Learned Counsel for the Appellant.

Directions

1. The Tribunal directed the Learned Counsel for the Intervenor (Kotak Mahindra Bank) to provide a copy of the intervention application and the interim stay application to all parties of the appeal, if this had not been done already.

2. Learned Counsels for the Parties were granted three weeks from the order date (May 25, 2026) to file their reply to the intervention application. An advance copy must be provided to the Learned Counsel for the Applicant (Kotak Mahindra Bank).

3. The Learned Counsel for the Applicant was granted one week after the reply period to file any rejoinder.

Final Ruling & Enforcement

The case was listed for the next hearing on July 2, 2026 to proceed with the matter.