Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 19 August 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard interim applications (I.A. No. 1463 and 1573 of 2025) in Company Appeal (AT) (Ins) No. 676 of 2022. The matter involves appellant Ajay Singal versus respondent Gaurav Katiyar, the Interim Resolution Professional of GRJ Distributers and Developers Pvt. Ltd., with additional representation from Tata Capital Housing Finance Ltd. The proceedings concern the implementation of a reverse Corporate Insolvency Resolution Process (CIRP) and its feasibility in protecting the interests of homebuyers. The IRP had filed a status report in pursuance of earlier tribunal directions.
The tribunal is specifically examining whether the previously decided reverse CIRP remains feasible given the current circumstances and the paramount interest of homebuyers. The bench expressed the need to assess the promoter's contributions and plans for project completion before making a determination on the way forward.
Final Outcome
The NCLAT directed appellant Ajay Singal (the promoter) to file a detailed affidavit within one week (by approximately 26 August 2026). The affidavit must clearly specify: (1) the amount of money infused since the reverse CIRP decision was taken until present; (2) the efforts put forth by the promoter; (3) future prospects and plans for completing the remaining towers of the project; and (4) any other relevant information with specific timelines. The matter has been listed for further hearing on 27 August 2026 on top of the board.
Topics: Reverse CIRP, Real Estate Insolvency, Homebuyer Protection