Authority: National Company Law Appellate Tribunal, Chennai Bench (Justice N. Seshasayee - Member (Judicial) and Jatindranath Swain - Member (Technical))
Order Date: 06 October 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard a batch of four interconnected Company Appeals (AT)(CH)(Ins) Nos. 441/2026, 382/2026, 102/2026, and 385/2026, all involving Gulam Mustafa Enterprises Pvt Ltd. as the Appellant. The appeals involve multiple respondents including financial creditors India Housing Fund, Piramal Enterprises Limited, Edelweiss ARC, Beacon Trusteeship Ltd., and an Authorized Representative of Home Buyers.
The tribunal suo motu impleaded Piramal Enterprises Ltd, Edelweiss ARC, and Beacon Trusteeship Ltd as necessary parties to the appeals and directed the appellants to file amended memos of parties reflecting the correct respondent designations across all four appeals.
The proceedings concern the Corporate Insolvency Resolution Process (CIRP) of Gulam Mustafa Enterprises Pvt Ltd. The suspended director (Gulam Mustafa) filed an affidavit indicating he had shared information, though with some delay. The Authorized Representative of home buyers reported still being in the process of collating and analyzing requirements for at least 200+ home buyers and requested time until after Dussehra to complete this exercise.
The Resolution Professional appeared in person and stated that the cooperation of the suspended director of the corporate debtor is currently satisfactory. Counsel for the suspended director submitted that a resolution proposal has been shared with all financial creditors, though counsel for Edelweiss ARC stated they had not received any specific proposal. Other financial creditors and the authorized representative acknowledged receipt of the proposal and confirmed it is under active consideration.
The CIRP shows promise of resolution based on its current progression. The suspended director has been infusing money through independent sources to keep common amenities running in the apartment facility, though these transactions have largely gone unaccounted in the corporate debtor's books.
Final Outcome
The tribunal adjourned all appeals to 30 October 2026. The Authorized Representative was granted two weeks post-Dussehra to complete the collation of homebuyer requirements and share them with the Resolution Professional. The tribunal directed that henceforth, all payments for common facilities must be made directly through the corporate debtor's account operated by the Interim Resolution Professional, rather than through independent sources. Any existing interim orders were directed to continue operating until the next hearing date.
Topics: Corporate Insolvency, Homebuyer Claims, Resolution Process