Case Details

  • Case Name: JBCG Advisory Services Private Limited vs. Sammaan Capital Limited (Formerly Known as Indiabulls Housing Finance Ltd.) and connected appeal.
  • Court/Authority: National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi.
  • Case Numbers: Company Appeal (AT) (Insolvency) No. 712 of 2026 & I.A. No. 2776 of 2026; and Company Appeal (AT) (Insolvency) No. 664 of 2026.
  • Order Date: May 26, 2026.

Parties Involved

  • Appellant in CA No. 712/2026: JBCG Advisory Services Private Limited.
  • Respondent in CA No. 712/2026: Sammaan Capital Limited (Formerly Known as Indiabulls Housing Finance Ltd.).
  • Appellant in CA No. 664/2026: Sammaan Capital Ltd. (Previously known as Indiabulls Housing Finance).
  • Respondent in CA No. 664/2026: JBCG Advisory Services Pvt. Ltd.
  • Legal Counsel for JBCG: Mr. P. Nagesh, Sr. Advocate with Mr. Kinnar Shah, Mr. Rhythm Buaria, Mr. Akshay Sharma, Advocates; and Mr. Krishnendu Datta, Sr. Advocate with Mr. Kinnar Shah, Mr. Rhythm Buaria, Mr. Yash, Advocates.
  • Legal Counsel for Sammaan Capital: Mr. Siddharth Joshi, Mr. Ujjnala Gupta, Mr. Shubham Madan, Advocates; and Mr. Arun Kathpalia, Sr. Advocate with Mr. Siddharth Joshi, Mr. Ujjnala Gupta, Mr. Shubham Madan, Advocates.
  • Tribunal Members: Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member (Technical)).

Issues / Allegations / Violations

The core dispute originates from an order passed by the Adjudicating Authority (NCLT) which rejected a Section 7 application filed under the Insolvency and Bankruptcy Code, 2016 (IBC). While the application was rejected, the order contained certain adverse findings against the Corporate Debtor, Sammaan Capital Ltd. This has led to cross-appeals being filed by both parties before the NCLAT.

Final Ruling & Enforcement

This order deals with an interlocutory application (I.A. No. 2776 of 2026) and procedural directions for the main appeals.

  • The NCLAT condoned a 14-day delay in the filing of the appeal by JBCG Advisory (CA No. 712/2026). The reason for the delay, as accepted by the Tribunal, was that the appellant required time to seek legal opinion regarding the maintainability of an appeal against specific findings in the order, given that the main Section 7 application had been rejected.
  • The Tribunal noted that the delay was within a condonable period and found sufficient cause for the condonation.
  • Notice was issued in both connected appeals (CA No. 712/2026 and CA No. 664/2026). Counsel for the respective respondents accepted the notice, waiving the requirement for a formal issuance.
  • The Respondent (in each appeal) is directed to file a reply within three weeks from the order date (May 26, 2026).
  • The Appellant (in each appeal) is then directed to file a rejoinder within two weeks after the reply is filed.
  • Both appeals are listed for next hearing on July 31, 2026.

Note: This is a procedural order dealing with the condonation of delay and case management. It does not contain findings on the merits of the allegations, details of penalties, or directives for corrective actions, as the substantive hearing of the appeals is pending.