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

Order Date: 01 July 2026

Case Overview

This order addresses two sets of interconnected appeals filed against a common order dated 18 June 2026 from the National Company Law Tribunal (NCLT), Mumbai Bench, Court-IV. The NCLT order had disposed of several Interlocutory Applications (I.A. No. 3983/2024, I.A. No. 4485/2024, I.A. No. 4759/2024 & I.A. No. 3071/2025) in the main insolvency petition for Fab Metals Pvt. Ltd. (Company Petition (IB) No.1224/MB/2020).

The first appeal (Comp. App. (AT) (Insolvency) No. 1090–1093 of 2026) was filed by Edelweiss Asset Reconstruction Company Ltd., which is the Committee of Creditors (CoC) of the corporate debtor. The CoC is aggrieved by the NCLT order and has prayed for it to be set aside. Its primary requests are for the resolution plan submitted by Fab Metals Pvt. Ltd. (the Successful Resolution Applicant or SRA) to be sent back to the CoC for reconsideration, or alternatively, for the entire resolution process to be restarted with a fresh invitation for plans (Form G).

The second appeal (Comp. App. (AT) (Insolvency) No. 1119 & 1120 of 2026) was filed by Lodha Developers Limited. Lodha's counsel argued that two specific land assets—Katai and Gharivali—were not part of the corporate debtor's estate as detailed in the Information Memorandum (IM) and did not belong to Fab Metals. Lodha claimed ownership of these assets since 2004/2010 under a Development Agreement and a consent decree. A key contention was that an intervention application filed by Lodha in the NCLT proceedings had not been decided and was merely adjourned, rendering it infructuous and leading to an order being passed that adversely affected Lodha's rights without them being a formal party.

Counsel for the Successful Resolution Applicant (SRA) presented its position, clarifying that it was not interested in the Katai and Gharivali land parcels and that those assets could be taken by their rightful owners. The SRA emphasized that its resolution plan had been approved by the CoC on 22 January 2022 and urged for its plan approval application to be heard expeditiously, noting it had been repeatedly deferred due to various other applications. The parties informed the tribunal that the plan approval application is next listed before the NCLT on 17 July 2026.

An Interlocutory Application (I.A. No. 4386–4389/2026) was also filed by Lodha Developers in the first appeal, seeking various reliefs including impleadment as a party. The appellant (Edelweiss ARC) had no objection to Lodha being permitted to intervene, though Lodha's counsel pressed for full impleadment.

Final Outcome

The NCLAT issued notice in the appeals. Given that all relevant parties were represented, it dispensed with the need for fresh formal notice. The tribunal permitted Lodha Developers Ltd. to intervene in the proceedings. It directed the appellant (Edelweiss ARC) to file a reply to Lodha's I.A. within one week. Any rejoinder is to be filed by the next date of hearing. The tribunal did not rule on the merits of the appeals but adjourned all matters for further consideration on 15 July 2026 at 02:00 PM.

Topics: Insolvency Resolution, Asset Ownership Dispute, NCLAT Procedure