Authority: High Court of Judicature at Madras
Order Date: 23-10-2026
Case Overview
- Petitioners: R. Maheswara Naidu, suspended director of RMN Infrastructures Ltd, and Thananki Nanaji, suspended director of GVRMP Dharwad Ramanagar Tollway Private Ltd, filed writ petitions WP Nos. 43514 and 43522 under Article 226 challenging National Company Law Tribunal (Chennai Bench) orders dated 28‑09‑2026 that appointed Insolvency Resolution Professionals.
- Respondents: (1) Registrar of National Company Law Tribunal – Chennai Bench; (2) Canara Bank Limited, Asset Recovery Management Branch; (3) The corporate debtors themselves, represented by their Interim Resolution Professionals – Solvenza Advisory LLP (Mr. Prashant Jain) for RMN Infrastructures Ltd and Mr. Rajendran Shanmugam for GVRMP Dharwad Ramanagar Tollway Private Ltd.
- Petitioners argued that the NCLT order was uploaded on 05‑10‑2026 despite being passed on 29‑08‑2026, and that the National Company Law Appellate Tribunal was non‑functional from 12‑10‑2026 to 26‑10‑2026, depriving them of an effective appellate remedy. They also cited a public announcement dated 08‑10‑2026 by the Insolvency Resolution Professional calling for creditor claims, stating that the formation of a Committee of Creditors would cause them irreparable loss and hardship.
- The Court observed that an alternate remedy exists but, given the temporary unavailability of the Appellate Tribunal, it was appropriate to preserve the status quo to enable petitioners to seek interim relief before the Appellate Tribunal.
Final Outcome
- The Court directed the third respondent, Canara Bank Limited, to maintain the status quo as on the date of the order until 02‑11‑2026, thereby allowing petitioners to approach the Appellate Tribunal for appropriate relief.
- Both writ petitions were disposed of without any costs, and all connected miscellaneous petitions were closed.
Topics: Insolvency Proceedings, Judicial Review, Banking