Authority: National Company Law Appellate Tribunal, Chennai (Justice N. Seshasayee - Member (Judicial) and Jatindranath Swain - Member (Technical))
Order Date: 10 August 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard an interim application (IA No. 1091/2026) in Company Appeal (AT) (CH) (Ins) No. 329/2026. The appeal was filed by JM Financial Asset Reconstruction Company Ltd. (Appellant) against Power Finance Corporation Ltd and three other respondents. The appellant sought clarification that the appeal should be heard not only on the aspect of costs imposed by the learned Adjudicating Authority (NCLT) but also on the substantive merits of the case.
Final Outcome
The NCLAT disposed of the interim application and recorded the appellant's submission. The tribunal explicitly stated that the appeal would be heard on its merits in addition to the cost imposition aspect. Both parties were directed to submit their pointed notes of submission. The appeal was listed for next hearing on 1 September 2026.
Topics: NCLAT Proceeding, Corporate Legal Dispute, Financial Services