Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 28 September 2026
Case Overview
This is an appeal (Comp. App. (AT) (Ins) No. 1820 of 2026) filed by Kamlesh Kumar Upadhyay, a suspended director of Kashyapi Infrastructure Pvt. Ltd., against an order passed by the Adjudicating Authority (NCLT). The order admitted the company into the Corporate Insolvency Resolution Process (CIRP) on a petition filed by an operational creditor (Respondent No. 2). The appellant contends that the principle of natural justice was violated as a fair opportunity of being heard was not provided. The core argument is that written submissions, as directed by the Adjudicating Authority, could not be uploaded due to a technical glitch in the NCLT's e-filing portal. Consequently, the appellant failed to present its grounds for opposing the insolvency petition. To demonstrate bona fide intentions and protect its financial reputation, the appellant offered to deposit the entire claimed amount of ₹2,34,83,915 with the condition that it be paid to the operational creditor only if the appeal is ultimately dismissed.
Final Outcome
The NCLAT bench, comprising Justice Mohammad Faiz Alam Khan (Judicial Member) and Naresh Salecha (Technical Member), issued notice to the respondents and granted them two weeks to file a reply. The appellant is granted one week thereafter to file a rejoinder. Crucially, the Tribunal directed the appellant to deposit the sum of ₹2,34,83,915 in the form of a Fixed Deposit Receipt (FDR) in the name of the Registrar of the NCLAT within ten days from the order date (by approx. 8 October 2026). Subject to this deposit, the impugned order of the Adjudicating Authority admitting the company into CIRP is stayed until the next date of hearing. The appeal is listed for further proceedings on 12 October 2026.
Topics: Insolvency Appeal, Natural Justice, Stay Order