Authority: National Company Law Appellate Tribunal, Chennai Bench
Order Date: 16 July 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai was hearing multiple interconnected company appeals related to the insolvency resolution process of Mata Energy Ltd. The appeals involve a consortium comprising Varma Steels Pvt. Ltd. and AVP Varma as the Successful Resolution Applicant (SRA) appealing against CA B Nagabhushan, who serves as the Resolution Professional and Chairman of the Monitoring Committee of Mata Energy Ltd. Additional connected appeals include Company Appeal (AT) (CH) (Ins) No. 301/2025 and various Interlocutory Applications (IA Nos. 1206/2025, 1080/2025, 221, 222, 223, 1081 & 1082/2025) in Company Appeal (AT) (CH) (Ins) No. 69/2025.
The bench comprised Justice Sharad Kumar Sharma (Member Judicial) and Jatindranath Swain (Member Technical). The order states that due to the transfer of Justice Sharad Kumar Sharma to the Principal Bench of the NCLAT and paucity of time, the judgment in these matters could not be dictated.
Final Outcome
The NCLAT has adjourned the hearing of all connected appeals and has directed that the matters be listed before a regular bench on September 15, 2026. The order specifically states that if any interim orders are currently operating in the company appeals, they shall continue to operate until the next date of listing. This constitutes a procedural adjournment without any substantive decision on the merits of the appeals.
Topics: Insolvency Proceedings, Judicial Adjournment