Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 21 September 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) is hearing two interconnected appeals related to insolvency proceedings of Ferrous Infrastructure Pvt. Ltd. Company Appeal (AT) (Insolvency) No. 1782 of 2026 has been filed by Ashish Seth (a suspended director of the corporate debtor) against Ashish Singh (the resolution professional) and others. Company Appeal (AT) (Insolvency) No. 1784 of 2026 has been filed by ICICI Bank Ltd. against Ashish Singh (resolution professional of Ferrous Infrastructure Pvt. Ltd.) and others.
The parties have arrived at a consensus to proceed with final hearing of both appeals. The tribunal noted that Respondent No. 3 in both appeals is the suspended director of the corporate debtor, and it has been verified by learned counsel for the appellants that no relief is being claimed against Respondent No. 3. The hearing involved arguments from senior counsel representing both appellants - Shri Krishnendu Datta for ICICI Bank and Shri Gaurav Mitra for Ashish Seth. Shri Sumant Batra, learned counsel for the resolution professional, began his submissions but could not complete them due to time constraints.
Final Outcome
The tribunal has adjourned the hearing and listed both appeals for further hearing on September 22, 2026. No final decision has been rendered in the matter as of this order.
Topics: Insolvency Proceedings, NCLAT Appeal, Corporate Debtor