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. 1973, 1974, 1975, 3232, 3249 of 2025 & 3274, 3275 of 2026; Company Appeal (AT) (Insolvency) No. 518 of 2025 & I.A. No. 1976, 1977, 1978, 3250 of 2025
Hearing Date: 27 May 2026
Next Hearing Date: 29 May 2026
Parties Involved
Appellants: Udaivir Anand (in CA 517/2025) and Santosh Kumar (in CA 518/2025)
Respondents: IDBI Trusteeship Services P. Ltd. & Another
Interim Resolution Professional (IRP): Represented by Mr. Rachit Ranjan, Advocate
Financial Creditor: Not specifically named but referenced in directions
Intervenors/Applicants: Represented by Ms. Eshna Kumar and Ms. Aastha Agrawal, Advocates
Representation for Respondent 1: Mr. Arun Kathpalia, Sr. Advocate with Mr. Sanjeev Sharma, Mr. Aditya Dhupar and Ms. Divya Joshi, Advocates
Issues / Allegations / Violations
The core issue is that an interim stay order passed by the NCLAT on 27 March 2025 has completely halted the Corporate Insolvency Resolution Process (CIRP) from commencing. The tribunal specifically noted that the stay order has "literally left the CIRP process from commencing," indicating a complete suspension of insolvency proceedings for over a year.
Procedural Directions & Next Steps
The tribunal is actively considering whether there is a need to modify the interim order to potentially allow the CIRP to proceed.
Specific procedural directions were issued:
- All parties are required to file short notes of submissions along with list of authorities by the next hearing date
- Registry is directed to receive hard copies without reference to any specific order from the Bench
- Applicant in I.A. Nos. 3249 of 2025 & 3250 of 2025 is permitted to file rejoinder and directed to share copy with IRP and Financial Creditor
- Applicant in I.A. Nos. 3274 & 3275 of 2026 is permitted to file rejoinder
- Financial Creditor has e-filed rejoinder and is permitted to file hardcopy
The appeals are listed for next hearing on 29th May, 2026.
Tribunal Composition
The bench consists of:
- Justice N Seshasayee (Member - Judicial)
- Arun Baroka (Member - Technical)
- Indevar Pandey (Member - Technical)