Case Details

Case Name: Usha vs. Rakesh Kumar Tulsyan (Interim Resolution Professional, SVP Textiles Ventures Pt. Ltd.) & Ors.

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

Case Number: Company Appeal (AT) (Insolvency) No. 976 of 2026

Order Date: May 25, 2026

Parties Involved

Appellant: Usha

Respondents:

  • Rakesh Kumar Tulsyan (Interim Resolution Professional for SVP Textiles Ventures Pt. Ltd.)
  • Other unnamed respondents (Respondents No. 1 & 2)
  • Respondent No. 3 (represented by multiple advocates including Mr. J. Rajesh, Mr. Dhrupad Vaghani, and others)

Legal Representation:

  • For Appellant: Mr. Anand Varma, Ms. Supriya Majumdar, and Ms. Hita Sharma, Advocates
  • For Respondents: Multiple advocates representing Respondent No. 3; Mr. Rakesh Kumar Tulsyan appearing for himself as IRP

Procedural History & Current Status

The appeal was heard in hybrid mode on May 25, 2026. The NCLAT issued notice to all respondents. Learned counsel for respondent No. 3 appeared and accepted notice. The appellant was directed to provide mobile numbers and email addresses of respondents No. 1 & 2 within two days, and notice was ordered to be issued through email or any other available mode.

Next Steps & Directions

Timeline for Proceedings:

  • Respondents are allowed three weeks' time to file their reply
  • Rejoinder may be filed within further two weeks after receipt of reply
  • The appeal is listed for hearing on July 29, 2026

Interim Protection:

The tribunal ordered that with respect to the asset in question, any steps taken in the Corporate Insolvency Resolution Process (CIRP) shall abide by the result of the appeal. This provides interim protection for the asset until the appeal is decided.

Current Stage of Proceedings

This is a preliminary procedural order dealing with the issuance of notices and setting timelines for filing responses. The substantive issues of the appeal have not yet been addressed or determined by the tribunal. The matter remains pending with the next hearing scheduled for July 29, 2026.