Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 04 November 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard three interconnected company appeals related to insolvency proceedings involving Isinox Ltd. The appeals are: Company Appeal (AT) (Ins.) No. 884 of 2026 (Indian Bank vs. Siddharth Gupta & Ors.), Company Appeal (AT) (Ins.) No. 813 of 2026 (Vehicle Recyclers India Pvt. Ltd. vs. Siddharth Gupta & Ors.), and Company Appeal (AT) (Ins.) No. 1583 of 2024 (Siddharth Gupta vs. Isinox Ltd. through IRP Gauri Pankaj Deshpande & Ors.).
Multiple legal representatives appeared for the parties: Mr. Gaurav Mitra with team for Indian Bank; Mr. P. Nagesh with team for Vehicle Recyclers India; Mr. Shaunak Kashyap with team for Siddharth Gupta; and Ms. Gauri Deshpande with team for the Interim Resolution Professional (IRP).
The bench, comprising Justice Mohammad Faiz Alam Khan (Member Judicial) and Naresh Salecha (Member Technical), heard arguments from all parties and concluded the main submissions. However, during Mr. Shaunak Kashyap's rebuttal submissions on behalf of Siddharth Gupta in Appeal No. 1583 of 2024, the court time expired.
Final Outcome
The NCLAT adjourned the matter to November 5, 2026, listing it as the first case on the board specifically to hear the remaining rebuttal submissions from Siddharth Gupta's counsel in Company Appeal (AT) (Ins.) No. 1583 of 2024. The order does not contain any substantive decision on the merits of the appeals.
Topics: Insolvency Proceedings, NCLAT Adjournment, Corporate Litigation