Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 06.08.2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard an appeal (Comp. App. (AT) (Ins) No. 1224 of 2026) filed by Bank of Baroda against an order of the Adjudicating Authority (NCLT). The appeal challenges the dismissal of the bank's application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 against respondent Arun Goel.
The appellant (Bank of Baroda) argued through senior counsel Mr. Narender Hooda that the NCLT's dismissal was baseless. The NCLT had rejected the application based on shares that were issued under a plan. However, the appellant contended that these shares were subsequently extinguished by another provision in the same plan, a fact the NCLT 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 (Arun Goel) and directed the appellant to complete all necessary steps including process fee payment within three working days. The appeal has been listed for next hearing on 24.08.2026. The tribunal specifically ordered that any further actions taken by the respondent would be subject to the final outcome of this appeal.
Topics: Insolvency, Banking Litigation