NCLAT denies interim stay to insolvency professional Ritesh Adatiya against IBBI order cancelling his registration for misconduct in three ADAG group CIRPs.
IBBI found Adatiya violated IBC by failing to identify avoidance transactions, disclose SEBI penalties, and file mandatory CIRP forms and disclosures.
Adatiya challenged the order on procedural grounds, alleging no prior investigation and improper DC constitution, but tribunal found no prima facie case.
The cancellation renders Adatiya ineligible to continue his existing assignments, with the main appeal listed for final hearing on 09 December 2026.