Authority: National Company Law Appellate Tribunal, Chennai Bench
Order Date: 09 September 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) Chennai heard four connected company appeals (AT)(CH)(Ins) Nos. 441/2026, 382/2026, 385/2026, and 102/2026 involving Gulam Mustafa (erstwhile Managing Director of Gulam Mustafa Enterprises Pvt Ltd) as appellant against respondents Indian Housing Fund & 2 Others and Piramal Enterprises Ltd. The proceedings involve insolvency matters with significant representation from approximately 3000+ homebuyers who were represented by multiple advocates either physically or virtually. The appellant Gulam Mustafa failed to appear before the Tribunal despite specific directions, with his counsel claiming inability to log in virtually. The appellant's counsel stated that Mustafa had been invited by financial creditors for discussions in Mumbai and was asked to stay until Friday. However, representatives from both Indian Housing Fund and Piramal Enterprises Ltd explicitly denied that any such meeting was called.
The Tribunal expressed skepticism about the appellant's claims and noted that the appellant had not appeared online for quite some time. Given the substantial interest of over 3000 homebuyers, the Tribunal emphasized the mandatory requirement of the appellant's presence and clarified that he must engage with creditors only through established procedures.
Final Outcome
The matter was adjourned and listed for hearing on the next day, 10 September 2026, immediately after admission matters. The Tribunal issued a clear directive for the appellant's presence in the proceedings.
Topics: Insolvency Proceedings, Homebuyer Interests, Corporate Litigation