Case Details

Case Name: Surinder Aggarwal & Ors. Vs. Raheja Developers Limited

Court/Authority: National Company Law Tribunal (NCLT), New Delhi Principal Bench

Case No.: IB- 182(PB)/2024

Order Date: 20.05.2026

Nature of Petition: Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016.

Parties Involved

Petitioner/Financial Creditor: Surinder Aggarwal & Ors., represented by advocates Mr. Sumesh Dhawan, Mr. Vivek Kumar, Mr. Akshay Srivatava, Ms. Raveena Paniker, Ms. Arunima Ganguly, Ms. Varsha Mohanty, and Ms. Kavya Tekriwal.

Respondent/Corporate Debtor: Raheja Developers Limited, represented by Senior Advocate Mr. P. Nagesh and advocates Ms. Manmeet Kaur, Mr. Jai Dogra, Mr. Kholi Rakuzhuro, and Mr. Akshay Sharma.

Other Party Present: EARCL, represented by advocates Mr. Atul Sharma, Ms. Renuka Iyer, and Mr. Anmol Bansal.

Bench: Justice Anupinder Singh Grewal (Hon'ble President) and Shri Ravindra Chaturvedi (Hon'ble Member - Technical).

Issues / Allegations / Violations

The petition was filed by financial creditors alleging a default by Raheja Developers Limited on a financial debt. The admitted default amount is ₹1,73,00,00,000 (One Hundred Seventy Three Crore Rupees).

Findings & Observations

The Tribunal found the petition to be complete and admitted it under Section 7 of the Insolvency and Bankruptcy Code, 2016. The default of the financial debt was established.

Penalties / Settlements / Directions

  • The corporate insolvency resolution process (CIRP) is initiated against the corporate debtor, Raheja Developers Limited.
  • An interim moratorium is declared on all claims against the corporate debtor with effect from the date of this order.
  • Mr. Anil Goel is appointed as the Interim Resolution Professional (IRP).
  • The IRP is directed to take charge of the management of the corporate debtor immediately.
  • The IRP shall make a public announcement as required under the Code.
  • The IRP shall perform his duties as per the provisions of the Code.

Final Ruling & Enforcement

The petition is admitted. The order was passed after hearing arguments from all parties. The order was reserved and then pronounced on 20.05.2026. The directions for the initiation of CIRP and the appointment of the IRP are to be enforced immediately.