Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 04.08.2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard procedural matters in the ongoing insolvency appeal case CA (AT) (Ins) No. 676 of 2022 between appellant Ajay Singal and respondents including Gaurav Katiyar (Interim Resolution Professional of GRJ Distributers and Developers Pvt. Ltd.) and Tata Capital Housing Finance Ltd. The tribunal reviewed a progress report filed by the IRP and deliberated on the implementation of the reverse Corporate Insolvency Resolution Process (CIRP) that was previously ordered on 18.03.2024. The reverse CIRP process was initially intended to be monitored by a monitoring committee without constituting a Committee of Creditors (CoC).
Final Outcome
The NCLAT directed that the reverse CIRP progress should now be monitored by a duly constituted Committee of Creditors (CoC). The IRP was instructed to file detailed claims collated and verified through an affidavit within 7 days from the order date (by 11.08.2026). The IRP must also provide details about the constitution of the CoC based on the collated claims and present a bird's eye view of the current construction status on the ground. The appellant was directed to submit copies of orders from the Hon'ble Supreme Court regarding cases filed by homebuyers against promoters and directors. Tata Capital Housing Finance Ltd. (the financial creditor) was instructed to file an appropriate affidavit by the next hearing date. The matter has been listed for further hearing on 19.08.2026 as the first case on the board.
Topics: Insolvency Proceedings, Reverse CIRP, Committee of Creditors