Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 14.10.2026
Case Overview
This is an appeal (Comp. App. (AT) (Ins) No. 1967 of 2026) filed by Sanjay Kumar Gupta, the suspended director of National Commodities Management Services Ltd., against an order related to Embee Software Pvt. Ltd. (the Operational Creditor) and another respondent. The appeal was heard in hybrid mode. The appellant's senior counsel, Mr. Krishnendu Datta, argued that while the appellant has a strong case on merits, he is not pressing it at this time because settlement talks between the parties are ongoing and a resolution is expected within a few days. It was submitted that depositing the entire amount mentioned in Part-IV of the petition into the court, as was offered during arguments on 13.10.2026, is unnecessary as the funds could be paid directly to the Operational Creditor as part of the settlement. The counsel for the Operational Creditor, Ms. Payal Chandra, confirmed under instructions that the parties are deliberately working towards a settlement and requested an adjournment to 27.10.2026.
Final Outcome
The NCLAT bench, comprising Justice Mohammad Faiz Alam Khan (Member-Judicial) and Naresh Salecha (Member-Technical), adjourned the appeal and listed it for the next hearing on 27.10.2026. The impugned order against which the appeal was filed has been stayed until the next date of listing to facilitate the ongoing settlement discussions between the parties.
Topics: Insolvency Appeal, Settlement, NCLAT