# Surender Singh vs. IDBI Trusteeship Services Ltd. & Anr.

> NCLAT judgment dated 27 Mar 2026. Citation: TCN-2026-NCLAT-00055. The appeal was filed by Surender Singh, a suspended director of Vatika Limited, challenging…

- **Court:** NCLAT
- **Order date:** 27 Mar 2026
- **Citation:** TCN-2026-NCLAT-00055
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/surender-singh-vs-idbi-trusteeship-services-ltd-anr-4ceaf02d

## Summary

### Background

The appeal was filed by Surender Singh, a suspended director of Vatika Limited, challenging the order dated 03.02.2026 passed by the adjudicating authority (National Company Law Tribunal, Chandigarh Bench) admitting a Section 7 application filed by IDBI Trusteeship Services Limited.

## Facts

Surender Singh, a suspended director of Vatika Limited, filed an appeal challenging the order of the adjudicating authority.

The adjudicating authority (National Company Law Tribunal, Chandigarh Bench) admitted a Section 7 application filed by IDBI Trusteeship Services Limited.

The corporate debtor, Vatika Limited, is engaged in the business of Real Estate Development.

On 30.06.2017, the corporate debtor entered into a Debenture Trust Deed (DTD) with IDBI Trusteeship Limited for the issuance of 1,460 debentures with a value of ₹146 crore.

The issuance of the debenture was protected by various securities, including mortgage over project land and assignment of receivables.

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## Issues and analysis

### Issue 1: Whether the CIRP against the corporate debtor should be confined to the specific project …

**Ratio:** The resolution of real estate insolvency should proceed on a project-specific basis

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**Reasoning:** The court noted that various clauses of the DTD indicated that the debentures were

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**Interpretation:** The court interpreted the relevant clauses of the DTD and relevant legal

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**Application:** Applying the principle of project-specific insolvency, the court modified the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Surender…
- **Respondents:** Vatika Li…; IDBI Trusteeship…
- **Other parties:** Corporate…; Project-wise…; +3 more
- **Advocates:** Kapil S…; Virender…; +10 more

## Timeline

- **2026-02-03 — Adjudicating Authority…**: The Adjudicating Authority…
- **2026-03-27 — Final Or…**: The court modified the order of the adjudicating authority to confine the CIRP against…

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