Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 10 August 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard an interim application (I.A. No. 5601 of 2026) in Company Appeal (AT) (Ins.) No. 1366 of 2026. The appellant was Aayush Prashant Agarwal, Suspended Director of Epic Yarns Pvt. Ltd., while the respondents were Uma Exports Ltd. and another party. The application sought early listing of an appeal that was originally scheduled for 28 September 2026.
During the hearing, the Learned Senior Counsel for the appellant submitted that the matter had been amicably settled between the parties and that the entire alleged dues had been paid to the creditor. Counsel for the respondent-creditor, Uma Exports Ltd., was present and confirmed this settlement agreement. Despite the settlement, the appellant's counsel sought to argue the case on merits separately from the settlement. The tribunal noted this development and directed the matter to be listed for further hearing on 13 August 2026.
Final Outcome
The NCLAT ordered that since the entire payment had been received by the creditor, the impugned order (which was under appeal) would be kept in abeyance until the next date of hearing on 13 August 2026. The tribunal also directed the Resolution Professional to file a status report regarding the matter.
The bench comprised Justice Yogesh Khanna (Officiating Chairperson), Barun Mitra (Member Technical), and Ajai Das Mehrotra (Member Technical).
Topics: Corporate Insolvency, Settlement Agreement, NCLAT Proceedings