Case Details

  • Case Name: Udaivir Anand & Santosh Kumar Vs. IDBI Trusteeship Services P. Ltd. & Anr.
  • Court/Authority: National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi.
  • Case Numbers: Company Appeal (AT) (Insolvency) No. 517 of 2025 & I.A. No. 3249 of 2025; and Company Appeal (AT) (Insolvency) No. 518 of 2025 & I.A. No. 3250 of 2025.
  • Order Date: 27th May, 2026.

Parties Involved

  • Appellants: Udaivir Anand and Santosh Kumar.
  • Respondents: IDBI Trusteeship Services P. Ltd. and Another.
  • Interim Resolution Professional (IRP): Represented by Advocate Mr. Rachit Ranjan.
  • Financial Creditor: Represented by Senior Advocate Mr. Arun Kathpalia with Advocates Mr. Sanjeev Sharma, Mr. Aditya Dhupar, and Ms. Divya Joshi (for Respondent-1 in CA 518/2025).
  • Intervenors/Applicants in I.A. Nos. 3274 & 3275 of 2026: Represented by Advocates Ms. Eshna Kumar and Ms. Aastha Agrawal.

Issues / Allegations / Violations

The provided data is an interim procedural order and does not detail the specific allegations or violations that led to the initiation of the Corporate Insolvency Resolution Process (CIRP) or the subsequent appeals. The core issue currently before the tribunal is the effect of a prior interim order.

Findings & Observations

The Tribunal observed that an interim stay order passed by it on 27.03.2025 has "literally left the CIRP process from commencing." The bench is actively considering whether there is a need to modify this interim order to allow the process to move forward.

Penalties / Settlements / Directions

This is an interim order; no final penalties, settlements, or directions have been issued. The tribunal has given the following procedural directions:

  • Permitted the applicant in I.A. Nos. 3274 & 3275 of 2026 to file a rejoinder.
  • Directed all parties to file short notes of submissions along with a list of legal authorities on or before the next date of hearing.
  • Permitted the applicant in I.A. Nos. 3249 of 2025 & 3250 of 2025 to file a rejoinder and directed them to share a copy with the IRP and the Financial Creditor.
  • Permitted the Financial Creditor to file a hard copy of their e-filed rejoinder.

Final Ruling & Enforcement

There is no final ruling in this order. The appeals have been listed for the next hearing on 29th May, 2026. The interim stay order dated 27.03.2025 remains in effect until the tribunal decides on its modification or vacates it.