Authority: National Company Law Appellate Tribunal, Chennai Bench
Order Date: August 6, 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard three interconnected company appeals related to insolvency matters. The appeals were filed by IDBI Bank Ltd. (CA (AT) (CH) (Ins) No. 41/2026) and State Bank of India (CA (AT) (CH) (Ins) No. 01/2026 and CA (AT) (CH) (Ins) No. 02/2026). The primary respondent in all appeals is Thyagarajan Arunkumar, described as the Erstwhile Managing Director of Aegan Industries Pvt. Ltd. and Aegan Batteries Pvt. Ltd. The appeals involve additional respondents numbering up to 10 individuals across the different cases. Representation included advocates for both appellants and respondents, with Mr. Shivaji H Mane appearing for multiple respondents across the appeals.
Final Outcome
The Tribunal issued procedural directions, requiring the appellants to take steps for service of notice on Respondent Nos. 3, 5, 6, 7, and 8 by all modes except substituted service. The steps must be completed and charges paid by Monday, August 10, 2026. The three appeals were connected and listed for next hearing on September 29, 2026. The order did not address the substantive merits of the appeals, focusing solely on procedural matters of service and scheduling.
Topics: Banking Insolvency, NCLAT Proceedings, Corporate Debt