Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 30 October 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard a set of four interconnected company appeals filed by members of the Gupta family against Asset Reconstruction Company (India) Ltd (ARCIL). The appeals are numbered as Company Appeal (AT) (Ins) No. 2075, 2076, 2077, 2087, and 2088 of 2026. The appellants include Ajay Gupta, Abhishek Gupta (filing two separate appeals), Pradeep Gupta, and Ankur Gupta. All appeals are directed against ARCIL as the primary respondent, with an additional respondent in some cases.
Specifically, Company Appeal No. 2076 of 2026 emanates from proceedings under Section 98 of the Insolvency and Bankruptcy Code (I&B Code), while the other appeals appear to be related to the same underlying matter. The respondents' counsel indicated that certain documents that were part of the record before the lower tribunal were not currently on record with NCLAT and needed to be submitted for proper consideration during the appeal hearing and stay application.
Final Outcome
The Tribunal issued procedural directions: (1) Respondents are directed to file their counter within three weeks from October 30, 2026; (2) The appeals will be listed for hearing after the completion of Section 95 proceedings; (3) For appeals 2075, 2077, 2087, and 2088 of 2026, the next hearing is scheduled for November 2, 2026; (4) Respondent's counsel must exchange the additional documents with appellants' counsel beforehand and submit hard copies to the Registry; (5) The Registry is directed to accept these hard copies of documents. The bench comprised Justice Sharad Kumar Sharma (Member Judicial), Arun Baroka (Member Technical), and Indevar Pandey (Member Technical).
Topics: Insolvency Appeals, Corporate Litigation, Debt Recovery