Authority: National Company Law Appellate Tribunal, Chennai
Order Date: 25 August 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard three connected insolvency appeals (Company Appeal (AT) (CH) (Ins) Nos. 360/2026, 361/2026, and 363/2026) filed by individual appellants Nuzhat Aisha Naseer, Awaiz Ahmed, and Naseer Ahmed against Canara Bank and three other respondents. The appeals arise from insolvency proceedings where Canara Bank is the financial creditor. The bankruptcy trustee, Mr. Ravindra Beleyur, is involved as the fourth respondent (RP/R4) in all cases.
During the hearing, the appellants' counsel stated that Mr. Naseer Ahmed had been in communication with bank authorities and had submitted his net worth certificate. However, the bank's counsel reported receiving different instructions on the matter. The bankruptcy trustee clarified that only an asset and liability statement had been provided by the appellants, indicating incomplete documentation for resolution.
The Tribunal noted the conflicting positions and determined that the appellants must formalize their settlement approach through a written proposal to facilitate proper consideration by the bank.
Final Outcome
The NCLAT adjourned all three appeals to 12:55 pm on 1 September 2026. The Tribunal directed the appellants to submit a formal written settlement proposal to the designated Canara Bank official, with copies marked to the bank's legal counsel and the bankruptcy trustee, Mr. Ravindra Beleyur. All existing interim orders granted by the Tribunal protecting the appellants from adverse actions during the appeal process will continue to remain in effect until the next hearing date.
Topics: Insolvency Proceedings, Banking Disputes, Settlement Negotiations