NCLAT Adjourns NFRA Appeals to July 2026

Case Details

• Case Name: C.A. Udayan Sen vs. National Financial Reporting Authority (NFRA); Shrenik Baid vs. National Financial Reporting Authority (NFRA); Rukshad Daruvala vs. National Financial Reporting Authority (NFRA)
• Court/Authority: National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi
• Case Numbers: Comp. App. (AT) No. 150 of 2020; Comp. App. (AT) No. 151 of 2020; Comp. App. (AT) No. 152 of 2020
• Order Date: May 25, 2026

Parties Involved

• Appellants:
• C.A. Udayan Sen (Comp. App. (AT) No. 150 of 2020)
• Shrenik Baid (Comp. App. (AT) No. 151 of 2020)
• Rukshad Daruvala (Comp. App. (AT) No. 152 of 2020)
• Respondent: National Financial Reporting Authority (NFRA) in all three appeals
• Legal Representatives:
• For Appellants: Ms. Aayushi Sharma Khazanchi & Mr. Ayush Sachan, Advocates (in all appeals). Additionally, for Shrenik Baid: Ms. Misha Rohtagi Mohta, Mr. Amulya Upadhyay & Mr. Sachin S, Advocates.
• For Respondent (NFRA): Mr. Zoheb Hossain & Mr. Satyam, Advocates (in all appeals)
• Tribunal Members: Justice Mohammad Faiz Alam Khan (Member - Judicial) and Naresh Salecha (Member - Technical)

Final Ruling & Enforcement

The National Company Law Appellate Tribunal (NCLAT) passed an adjournment order. The three appeals were listed for hearing on May 25, 2026. The Tribunal noted "No time left" and subsequently adjourned the matters. The final direction issued is to list these appeals on July 28, 2026, and they are to be placed in the first five cases of the cause list on that date. The order was passed in hybrid mode. The substantive issues of the appeals against the NFRA were not heard or decided on this date.