Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 22 July 2026
Case Overview
This proceeding involves Comp. App. (AT) (Ins) No. 1056 of 2026 along with interconnected I.A. Nos. 4161, 4162, and 4598 of 2026. The appellant is Sudarshan Aithal, suspended director of Distribution Logistics Infrastructure Private Limited. The respondents are Bank of India (Respondent 1) and the Interim Resolution Professional (Respondent 2). The matter concerns corporate insolvency proceedings against Distribution Logistics Infrastructure Private Limited.
The key development is the assignment of the entire consortium debt to JM Financial Asset Reconstruction Company Ltd on June 30, 2026. JM Financial ARC sought impleadment as a necessary party to the appeal, arguing it had become the proper party following this debt assignment. The IRP confirmed that due to this assignment, the Committee of Creditors has been reconstituted.
Final Outcome
The NCLAT allowed IA No. 4598 of 2026 and directed the appellant to file an amended memo of parties impleading JM Financial Asset Reconstruction Company Ltd as Respondent No. 3 through its authorized signatory Mr. Mayur Shahdadpuri. The tribunal noted that no notice had been issued to respondents in its previous order dated June 29, 2026. The matter has been adjourned to August 10, 2026, for further hearing.
Topics: Debt Assignment, Insolvency Appeal, Committee of Creditors