Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 05.08.2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard Company Appeal (AT) (Insolvency) No. 222 of 2025 between appellant Deepak Modi and respondents Shalfeyo Industries Pvt. Ltd. & Others. The appeal arises from insolvency proceedings against Shalfeyo Industries. The tribunal noted that settlement talks between the parties had previously failed, prompting them to proceed with hearing the appeal on merits.
During proceedings, the appellant's counsel, Mr. Sandeep Bajaj, made a statement under instructions from his client that Deepak Modi is ready to pay Rs. 18 lakhs to the Operational Creditor (Respondent No. 3) and also cover the Corporate Insolvency Resolution Process (CIRP) costs, which would be determined by the learned Adjudicating Authority. This settlement offer was formally taken on record by the tribunal.
The tribunal heard arguments from both sides - represented by Mr. Sandeep Bajaj for the appellant and Mr. Anupam Singh with Mr. Roshini Nathwani for the respondents. After concluding arguments, the tribunal reserved its judgment on the matter.
Final Outcome
The tribunal reserved judgment and allowed parties to file written submissions not exceeding 3-4 pages along with relevant citations within five days from the order date (05.08.2026). The final ruling on the appeal remains pending until the tribunal delivers its reserved judgment.
Topics: Insolvency Appeal, Settlement Offer, NCLAT Proceeding