Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 14th September, 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard three interconnected company appeals related to insolvency proceedings against Xrbia group real estate developers.
- Company Appeal (AT) (Insolvency) No. 1536 of 2025: Asset Reconstruction Company (India) Ltd. (ARCIL) appealed against Vikas Gopichand Khiyani, the Interim Resolution Professional (IRP) of Xrbia Warai Developers Pvt. Ltd.
- Company Appeal (AT) (Insolvency) No. 1537 of 2025: ARCIL appealed against Sanjay Vijay Jeswani, the IRP of Xrbia North Hinjewadi Developers Pvt. Ltd.
- Company Appeal (AT) (Insolvency) No. 1026 of 2026: Golden Years Properties Pvt. Ltd. appealed against Asset Reconstruction Company (India) Ltd. & Another Respondent.
The appeals appear to challenge the initiation or conduct of Corporate Insolvency Resolution Processes (CIRP) against the Xrbia developers initiated by ARCIL, which is a major asset reconstruction company. The matters were represented by multiple advocates including Mr. Shivansh Bhatt, Mr. Gaurav Jalendra, Mr. Amir Arsiwala, Mr. Yash Jariwal, Ms. Neha Arya, Mr. Vishnuj Shriram, Ms. Vidisha T., and Mr. Govinda A.
Final Outcome
The NCLAT bench comprising Justice Yogesh Khanna (Officiating Chairperson) and Barun Mitra (Member Technical) did not make any substantive ruling on the merits of the cases. The tribunal simply adjourned all three appeals and listed them for further hearing on November 6, 2026. The order was passed in hybrid mode, indicating both physical and virtual hearing options were available.
Topics: Insolvency Proceedings, Real Estate Disputes, NCLAT Adjournment