Case Name: Subrata Bhattacharya vs. Securities and Exchange Board of India & Ors.
Civil Appeal No.: 13301/2015
Court: Supreme Court of India, Court No.6, Section XVII, Item No.302
Order Date: 14‑05‑2026 (with reference to earlier order dated 16‑04‑2026)
Category of Applications: ‘D’ and ‘B’ applications relating to SEBI matters and the R.S. Virk Committee reports.
Parties Involved
Appellant: Subrata Bhattacharya
Respondents: Securities and Exchange Board of India (SEBI) & others (unspecified)
Amicus Curiae: Mr. Ranjit Kumar (Senior Advocate), Mr. Shadan Farasat (Senior Advocate), Ms. Nupur Kumar (AOR)
Counsel for Appellant: Mr. Anup Kumar (AOR), Mrs. Neha Jaiswal, Ms. Pragya Choudhary, Ms. Achint Priya, Mr. Shivam Kumar, Ms. Arshi, Mr. Aviral Joshi, Mr. Abhisek Kumar, Mr. Ayush Sharma, and many others (full list in source).
Counsel for Respondents: Mr. Siddharth Bhatnagar (Senior Advocate), Mr. Aditya Sidhra, Mr. Arpit Rai, Mr. Prabhsharan Singh Mohi, Mr. Ashish Kr. Sinha, Mr. Aviral Kashyap, Mrs. Aishwarya Bhati, A.S.G. Mr. Mukesh Kumar Maroria, and an extensive roster of additional advocates (full list in source).
Recovery Officers: Appointed under Section 28A of the SEBI Act, 1992, exercising powers analogous to those under Section 220 of the Income‑Tax Act, 1961.
Issues / Allegations / Violations
Numerous interlocutory applications (IA) seeking confirmation of reports submitted by the R.S. Virk Committee.
Request for extension of time to submit a valuation report of a property (original deadline extended on 16‑04‑2026, now further extended by eight weeks).
Category ‘B’ applications relating to appeals against orders of Mr. R.S. Virk, requiring adjudication by Recovery Officers.
Specific applications (e.g., IA Nos. 322183/2025, 322184/2025, 322192/2025, etc.) directed for SEBI’s short report and affidavit after obtaining information from Justice (Retd.) R.M. Lodha Committee.
Application by SEBI (IA No. 147198/2026) seeking a three‑month extension from 31‑05‑2026.
Directions to issue notice to applicant Prateek Kumar at his residential and power‑of‑attorney addresses.
Several applications listed for hearing on 06‑08‑2026 at 02:00 PM.
Findings & Observations
The Court noted compliance with its earlier order dated 19‑02‑2026 concerning Category ‘B’ matters and the role of Recovery Officers.
The panel of Recovery Officers has been empowered to seek assistance from SEBI and other authorities.
A tabular status of 106 IA referred by the Supreme Court shows:
Total IAs: 106
Heard up to 05‑05‑2026: 81
Additional documents to be provided by Objector: 48
Adjournments (medical): 4
Adjournments (objector not reachable): 1
Objector not appeared/frequent adjournments: 5
Hearings to be held: 19
Orders being prepared: 28
Orders prepared & circulated: 1
Orders passed as of 05‑05‑2026: 2
The Court found sufficient justification to grant the requested extensions.
Penalties / Settlements / Directions
Extension Granted: Eight‑week extension for submission of the valuation report (from the earlier extension dated 16‑04‑2026).
SEBI Directions:
File a short report after verification of the contents of the listed interlocutory applications.
File an affidavit after obtaining necessary information from the Justice (Retd.) R.M. Lodha Committee.
Category ‘B’ Extension: SEBI’s request for a three‑month extension from 31‑05‑2026 is allowed.
Notice Issuance: Registry directed to issue notice to Prateek Kumar at the addresses provided (Row House No. 159, Cloud 9 Society, NIBM Road, Pune; A/201, New Narmada Tower CHS Ltd., Thane; 2nd Floor, Divya Dhrishti, Plot No. 1, Swastik CHS Ltd., Mumbai).
Stay Directions: Applications I.A. Nos. 122465/2026, 122457/2026, and 153399/2026 (related to IA No. 249501/2025) are to be halted until further orders.
Listing for Next Hearing: Various IA numbers (e.g., 88530, 88528, 148033, 80721/2025, 111521/2025, 114869/2025) are listed for hearing on 06‑08‑2026 at 02:00 PM.
Corrective Actions & Future Obligations
SEBI must prepare and file the short report and affidavit as directed.
Recovery Officers to continue adjudicating Category ‘B’ applications within the extended timeline.
The Amici (Mr. Ranjit Kumar, Mr. Shadan Farasat, Ms. Nupur Kumar) are to examine specified applications and assist the Court on the next hearing date.
The Registry must serve notice to the applicant Prateek Kumar at the stipulated addresses.
All pending applications listed for 06‑08‑2026 must be presented before the Court at the scheduled time.
Final Ruling & Enforcement
The Court extended the deadline for the valuation report by eight weeks.
SEBI is directed to file a short verification report and an affidavit after consulting the R.M. Lodha Committee.
The three‑month extension sought by SEBI for Category ‘B’ applications is granted, moving the completion deadline to 31‑08‑2026.
Specific applications are stayed pending further orders, and notice issuance to Prateek Kumar is ordered.
The matter and listed IA numbers are scheduled for hearing on 06‑08‑2026 at 02:00 PM.
The Amici are tasked with examining certain applications and assisting the Court on the next date of hearing.
