Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 03.07.2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard a Restoration Application (AT) No. 28 of 2026 in Comp. App. (AT) (Ins) No. 1410 of 2024. The appellants, Ravi Luthra & Others, sought restoration of their appeal against respondent Vatika Ltd. The appeal had been previously disposed of on 06.02.2026 with liberty granted to the appellants to revive the appeal if the Corporate Insolvency Resolution Process (CIRP) of Vatika Ltd in CP (IB) No. 45/2024 was closed.
The appellants' counsel submitted that the CIRP of the corporate debtor (Vatika Ltd) had now been confined only to the project situated at Sector 88 B, Gurugram, specifically 'Project Aspirations'. However, the appellants' interest concerned a different project - High Street at INXT (Phase 1), situated at Sector 83, Gurugram. The appellants argued that since the CIRP was now directed to be confined to only one project, it would be appropriate to revive the proceedings in the present appeal.
Final Outcome
The NCLAT bench comprising Justice Yogesh Khanna (Member Judicial) and Mr. Ajai Das Mehrotra (Member Technical) issued notice to the respondent (Vatika Ltd) regarding the restoration application. The matter was listed for next hearing on 10.08.2026.
Topics: Insolvency Proceedings, Real Estate Projects, NCLAT Appeal