Case Details

Case Name: Sanjeev Kumar Jain (Suspended Director of Parsvnath Developers Limited) vs Asset Reconstruction Company (India) Ltd & Anr., along with Surya Mani Pandey (Suspended Director of Noida Marketing Pvt. Ltd.) vs Asset Reconstruction Company (India) Ltd. & Anr.

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

Case Numbers: Company Appeal (AT) (Insolvency) No. 900 of 2026 and Company Appeal (AT) (Insolvency) No. 977 of 2026

Hearing Date: May 27, 2026 (Hybrid Mode)

Next Order Date: May 29, 2026

Parties Involved

Appellants:

  • Sanjeev Kumar Jain (Suspended Director of Parsvnath Developers Limited)
  • Surya Mani Pandey (Suspended Director of Noida Marketing Pvt. Ltd.)

Respondents:

  • Asset Reconstruction Company (India) Ltd (R-1)
  • Resolution Professional (RP)

Legal Representation:

  • For Appellants: Mr. Krishnendu Datta, Sr. Advocate with Mr. Abhishek Anand, Mr. Rajat Juneja, Mr. Manoranjan Sharma, Mr. Arpit Dwivedi, Mr. Karan Rajpurohit, Ms. Sakshi Kapoor, Mr. Yash Tandon, Mr. Arjun Gaind, Advocates
  • For Respondents: Mr. Abhijeet Sinha, Sr. Advocate with Ms. Meghna Mishra, Mr. Siddharth Joshi, Ms. Ujjnala Gupta, Mr. Shubham Madaan, Advocates for R-1
  • For Resolution Professional: Mr. Sandeep Bajaj, Mr. Vikas Maini, Mr. Ankit, Mr. Mayank Biyani, Advocates
  • For Intervener: Mr. Gaurav Mitra, Ms. Aakashi Lodha, Mr. Namanjeet Bhatia, Advocates

Tribunal Composition:

  • Justice Ashok Bhushan (Chairperson)
  • Barun Mitra (Member Technical)

Interim Order

The National Company Law Appellate Tribunal heard learned counsel for all parties on May 27, 2026, and reserved orders for May 29, 2026. The Tribunal issued an interim direction that "No further steps shall be taken till 29.05.2026," effectively putting a temporary halt to any proceedings or actions in the matter until the next order date.

The appeals challenge actions taken by Asset Reconstruction Company (India) Ltd and the Resolution Professional in the insolvency proceedings against Parsvnath Developers Limited and Noida Marketing Pvt. Ltd. The specific nature of the challenged actions and the detailed allegations are not elaborated in the provided text.

The matter remains pending before the NCLAT with the final order expected on May 29, 2026.