Sanskruti Infradevelopers Private Limited vs Securities & Exchange Board Of India

Urgency Application has worked for itself. Accordingly, Misc. Application No. 881 of 2026 is disposed of.

Admit.

Respondent is allowed six weeks to file reply. Rejoinder, if any, be filed within three weeks thereafter.

Mr. Pesi Modi, learned Senior Advocate for the appellant submitted that appellant’s property is sought to be auctioned on 14.09.2026. He submitted that vide order dated 19.02.2026, the Hon’ble Supreme Court of India in Civil Appeal No. 13301 of 2015 (Subrata Bhattacharya v. SEBI & Ors.) has issued directions with regard to appeals against the orders passed by Justice Lodha Committee in PACL matters. Appellant has challenged the order passed by SEBI’s Recovery Officer on 20.08.2026 within the period of limitation of 15 days prescribed by the Hon’ble Supreme Court of India and prayed for stay of auction.

Opposing the interim prayer, Mr. Sumit Rai, learned Advocate for the SEBI submitted that appellant has filed an application after issuance of auction notice by the SEBI. He further submitted that SEBI has sought clarification from the Hon’ble Supreme Court of India with regard to the limitation.

We are of the prima facie, view that in terms of direction at Paragraph No. 12 (xii) of the order passed by the Apex Court, this appeal is within the period of limitation.

Mr. Rai, on instructions, submitted that the controversy with regard to challenging the orders passed by the SEBI has been settled by the Hon’ble Supreme Court of India with a direction that the orders passed under Section 28A of the SEBI Act are appealable before this Tribunal.

The matter requires to be heard on merits. Pending consideration of final hearing, the proposed auction of the following property shall remain stayed.

Accordingly, Misc. Application No. 882 of 2026 for stay is disposed of.

Call on 10.12.2026.