Securities Appellate Tribunal
Sanskruti Infradevelopers Private Limited vs Securities and Exchange Board of India on 9 September 2026
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 09.09.2026
Appeal No. 296 of 2026
And
Misc. Application No. 881 of 2026
And
Misc. Application No. 882 of 2026
Sanskruti Infradevelopers Private Limited ….. Appellant
Versus
Securities & Exchange Board of India
… Respondent
Mr. Pesi Modi, Senior Advocate with Mr. Neville Lashkari, Ms. Akshaya Bhansali, Ms. Nirali Mehta, Mr. Mihir Man Singh, Advocates i/b. Mindspright Legal for the Appellant.
Mr. Sumit Rai, Advocate with Mr. Mihir Mody, Mr. Vijay Chockalingam, Mr.
Aavish
Shetty, Mr.
Sudhanshuman
Naruka, Mr. Vignesh Narayanan, Advocates i/b. M/s. K.
Ashar & Co. for the Respondent.
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ORDER:
1. Urgency Application has worked for itself. Accordingly, Misc. Application No. 881 of 2026 is disposed of.
2. Admit.
3. Respondent is allowed six weeks to file reply. Rejoinder, if any, be filed within three weeks thereafter.
4. 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.
5. 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.
6. 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.
7. 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.
8. The matter requires to be heard on merits. Pending consideration of final hearing, the proposed auction of the following property shall remain stayed.
“MR No. 10869/16, Revenue Survey No. 607/A/Paiki, TP. Scheme No. 2, Final Plot No. 3 situated at village Sayajipura, Sub District and District Vadodara, Gujarat”.
9. Accordingly, Misc. Application No. 882 of 2026 for stay is disposed of.
10. Call on 10.12.2026.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 09.09.2026 VPM
MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2026.09.10 17:14:44 +05'30'