Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 19 August 2026
Case Overview
This is an order in an ongoing insolvency appeal (Comp. App. (AT) (Ins) No. 1425 of 2026). The Appellant is Pulkit Sharma, the Suspended Director of Daulat Ram Engineering Services Private Limited. The Respondents are Hangzhou Sword Elevator Co. Ltd. (through its constituted attorney, Sahil Bhatia) and another party. The matter concerns compliance with a previous order issued by the Appellate Tribunal on 13 August 2026.
The Appellant's counsel informed the tribunal that they had attempted to comply with the August 13 order by submitting a Demand Draft for Rs. 4,53,45,342.00 (Four Crore Fifty-Three Lakh Forty-Five Thousand Three Hundred Forty-Two Rupees) in the name of the Registrar. However, they were subsequently informed that a Fixed Deposit (FD) in the name of the Learned Registrar, NCLAT, New Delhi, was required instead of a Demand Draft. The Appellant had therefore prepared the FD accordingly and sought the tribunal's direction for the Registry to accept it.
Final Outcome
The two-member bench, comprising Justice Mohammad Faiz Alam Khan (Member-Judicial) and Naresh Salecha (Member-Technical), directed the Learned Registrar to accept the Fixed Deposit of Rs. 4,53,45,342.00 made in their name, in full compliance with the tribunal's order dated 13.08.2026. On a joint request from the counsels for all parties, the appeal was adjourned and is now scheduled to be listed next on 25 September 2026. The tribunal also ordered that any interim order previously granted in the matter shall remain in operation until the next date of hearing.
Topics: NCLAT, Insolvency Appeal, Compliance Order