Indian Bank Appeals NCLAT Against Repayment Plan

Authority: National Company Law Appellate Tribunal, Chennai (Justice N. Seshasayee - Member (Judicial) and Jatindranath Swain - Member (Technical))

Order Date: 28.10.2026

Case Overview

Indian Bank, the appellant financial creditor, has filed two appeals (Company Appeal (AT) (CH) (Ins) No. 582/2026 and 583/2026) against Suman Mahendra Kumar Singhi & 7 Others and Mr. Mahendra Kumar Singhi & 7 Others respectively. The bank alleges that a false statement was made about obtaining its consent for submitting a fresh repayment plan, and that the Adjudicating Authority permitted this without serving the application to the bank. The respondents/personal guarantors claimed that discussions had taken place and produced orders from the Adjudicating Authority, which the appellant's counsel stated they had not been served with.

Final Outcome

The NCLAT ordered status quo regarding the proceedings pending before the Adjudicating Authority, directing that no further orders be passed in the matter. Both parties are required to submit their respective pointed notes of submission. The appeals are listed for next hearing on 02.11.2026.

Topics: Banking Litigation, Insolvency Proceedings, NCLAT Order