Surender Singh vs IDBI Trusteeship Services Ltd. - 2026 Supreme(Online)(NCLAT) 13

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2026 Supreme(Online)(NCLAT) 13

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Surender Singh – Appellant
Versus
IDBI Trusteeship Services Ltd. – Respondent

Advocates:
For the Appellants/Petitioners: Mr. Kapil Sibbal, Mr. Virender Ganda, Mr. Arun Kathpalia, Mr. Vishal Ganda, Mr. Ayandeb Mitra, Ms. Manisha Singh, Ms. Diksha, Ms. Riya Palnitkar
For the Respondents: Mr. Gopal Jain, Mr. Nalin Kohli, Mr. Abhijeet Sinha, Ms. Meghna Mishra, Mr. Nikhil Ratti Kapoor, Yashodhara Gupta, Mr. Kevin Chadha, Mr. Saikat Sarkar, Mr. Gaurav Mitra, Mr. Adhish Srivastava, Mr. Rudreshwar Singh, Mr. Eklavya Dwivedi, Mr. Akshay Srivastava, Mr. Vivek Kumar, Ms. Raveena Paniker, Mr. Aditya Rathi, Mr. Sumesh Dhawan, Mr. Kartik Nayar, Mr. Divyansh Rai

Table of Content
1. background facts of debenture issuance and defaults. (Para 1 , 2)
2. parties' arguments on debt, default, and project-wise insolvency. (Para 3 , 4 , 5 , 6)
3. default proven for interest but not principal; payments don't cure default. (Para 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21)
4. project-wise insolvency permissible for real estate under binding precedents. (Para 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36)
5. debentures tied to specific project 'aspirations'; securities project-specific. (Para 37 , 38 , 39 , 40 , 41 , 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50 , 51 , 52 , 53 , 54 , 55 , 56 , 57 , 58 , 59 , 60 , 61 , 62 , 63 , 64)
6. cirp confined to project aspirations; order modified accordingly. (Para 65)

JUDGMENT

ASHOK BHUSHAN, J.

This appeal has been filed by a suspended director of the corporate debtor, Vatika Limited challenging the order dated 03.02.2026 passed by the adjudicating authority (National Company Law Tribunal, Chandigarh Bench, Court I, Chandigarh) admitting a Section 7 application filed by the IDBI Trusteeship Services Limited, respondent No. 1 herein. Aggrieved by the order of the adjudic

Click Here to Read the rest of this document

2026 Supreme(Online)(NCLAT) 13

NATIONAL COMPANY LAW APPELLATE TRIBUNALASHOK BHUSHAN, JSurender Singh – AppellantVersusIDBI Trusteeship Services Ltd. – Respondent

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Surender Singh – Appellant
Versus
IDBI Trusteeship Services Ltd. – Respondent