Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 06.08.2026
Case Overview
The appeal (Comp. App. (AT) (Ins) No. 1205 of 2026) was filed by Bank of Baroda, a financial creditor, against an order of the Adjudicating Authority (NCLT) that dismissed its application under Section 95 of the Insolvency and Bankruptcy Code, 2016. The application was filed against the respondent, Pramod Agarwal. The appellant's counsel argued vehemently that the basis for dismissal was flawed. The NCLT had rejected the application citing shares issued in a resolution plan. However, the appellant contended that these shares were later extinguished by another provision in the same plan, an aspect the Adjudicating Authority failed to consider.
Final Outcome
The NCLAT bench, comprising Justice Mohammad Faiz Alam Khan (Member-Judicial) and Arun Baroka (Member-Technical), found the matter required consideration. The tribunal issued formal notice to the respondent, Pramod Agarwal. The appellant was directed to complete all necessary steps along with process fee and requisites within three working days from the order date (06.08.2026). The appeal was listed for further hearing on 24.08.2026. A crucial interim provision was made: any further act taken by the respondent would be subject to the final disposal of this appeal.
Topics: Insolvency, Corporate Debt