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

Order Date: 06.10.2026

Case Overview

This appeal (Comp. App. (AT) (Ins) No. 1850 of 2026) was filed by Sandeep G. Raheja (Appellant) against an order passed by the National Company Law Tribunal (NCLT/Adjudicating Authority) on his application (I.A. No. 2647 of 2026). The dispute has a long history originating from an agreement dated 07.09.2003, pursuant to which the corporate debtor, Gstaad Hotels Pvt. Ltd. (CD), was established. The Appellant claims he was entitled to a 50% shareholding in the CD, a claim that was denied. This led to the filing of Civil Suit No. 3121 of 2004 before the Bombay High Court.

On 14.03.2005, the Bombay High Court passed an interim order providing certain protections, including a direction that the CD shall always retain 50% of its authorised share capital during the pendency of the suit and that any creation of encumbrance on land must be communicated in writing to the affected party. This order was challenged by the Appellant but ultimately upheld by the Division Bench (Appeal No. 334 of 2005) and later the Supreme Court, which dismissed the Special Leave to Appeal (Civil) No. 8550 of 2007 on 17.05.2007.

With the CD under the Corporate Insolvency Resolution Process (CIRP), the Appellant filed an application before the NCLT. The Impugned Order was passed on this application. The Appellant contends that the NCLT, in passing this order, interpreted the 2003 contract, which he argues was beyond its jurisdiction. He also asserts his status as a stakeholder and de facto director of the CD, seeking relief based on the Bombay High Court's interim order.

The Respondents, including the Resolution Professional (Jayesh Natvarlal Sanghrajka) and the Committee of Creditors (CoC), vehemently opposed the appeal. Their primary contention is that the Appellant lacks the locus standi to maintain this appeal as he is not a recognized shareholder of the CD. They also highlighted a previous application (IA No. 2353 of 2025) filed by the Appellant, which was disposed of by the NCLT on 08.09.2025. An appeal against that order (Comp. App. (AT)(Ins.) No 1553 of 2025) was also disposed of, with the only relief being a direction to mention this litigation in the Information Memorandum (IM) of the CD, which has been complied with. The Respondents argue that allowing the Appellant to challenge the resolution plan would undermine the IBC process.

Final Outcome

The NCLAT bench, comprising Justice Mohammad Faiz Alam Khan (Member-Judicial) and Mr. Naresh Salecha (Member-Technical), heard arguments from both sides. Without commenting on the merits of the case, the bench admitted the appeal for hearing, finding that the Appellant's submissions required consideration. The Tribunal rejected the request for any interim relief at this stage but directed the Respondents to file their reply affidavits within a week. The Appellant is granted four days thereafter to file a rejoinder. The appeal is scheduled for its next hearing on 26.10.2026. The Tribunal explicitly clarified that all issues, including the challenge to the Appellant's locus standi, remain open for consideration.

Topics: Shareholder Dispute, Corporate Insolvency, NCLAT Jurisdiction