Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi (Justice N. Seshasayee, Member (Judicial) and Barun Mitra, Member (Technical))
Order Date: 08.07.2026
Case Overview
This appeal was filed by Sanjay Sahni, the Authorized Representative of Home Buyers (Registration No. IBBI/IPA-001/IP-P00341/2017-18/10642), who are part of the Committee of Creditors (CoC) of M/s. SRA Real Estate Ltd. The appeal was against Shyam Arora (Resolution Professional, Registration No. IBBI/IPA-002/IP-N00546/2017-2018/11703) and Orange Castle Private Limited (Successful Resolution Applicant, CIN: U70109DL2014PTC264867).
The principal allegation was that the application preferred by the Resolution Professional for approval of the resolution plan has been pending consideration before the Adjudicating Authority for 876 days. This delay not only seriously affects the homebuyers who are classified as Class-A creditors but also constitutes a breach of statutory timelines for completing the Corporate Insolvency Resolution Process (CIRP).
The NCLAT noted that since the prayer was very limited, there was no need to issue formal notice to the respondents. The tribunal appreciated the difficulties faced by the homebuyers due to the prolonged delay.
Final Outcome
The NCLAT disposed of the appeal and directed the Adjudicating Authority to expeditiously dispose of I.A. (IBC) Plan 2(CH)/2024, which the Resolution Professional had filed for approval of the resolution plan. The Adjudicating Authority must complete this disposal within a period of two months from the date of the order (08.07.2026).
Topics: Insolvency Resolution, Real Estate, Judicial Timelines