Authority: National Company Law Appellate Tribunal, Chennai Bench (Justice N Seshasayee, Member (Judicial) and Jatindranath Swain, Member (Technical))
Order Date: 24 September 2026
Case Overview
This order deals with two interconnected Company Appeals filed with the National Company Law Appellate Tribunal (NCLAT) at Chennai concerning the corporate insolvency resolution process of M/s. Neptune Inflatables Ltd.
The first appeal, Company Appeal (AT) (CH) (Ins) No. 348/2022, was filed by Industrial Venture Capital Ltd. as the Appellant. The Respondents in this appeal are MV. Gangadharan, described as a Member of the Monitoring Committee and the Former Resolution Professional (RP) of Neptune Inflatables Ltd., along with another respondent.
The second appeal, Company Appeal (AT) (CH) (Ins) No. 295/2023, was filed by M/s. Amrex Marketing Pvt. Ltd. as the Appellant. The Respondents in this appeal are Mudappalur Varieth Gangadharan, the Erstwhile RP of Neptune Inflatables Ltd., and another respondent.
During the hearing on September 24, 2026, held in hybrid mode, there was no appearance recorded for the Appellant (Industrial Venture Capital Ltd.) in the first appeal. For the Respondents across both appeals, Mr. Allan Jarvis, Advocate, appeared on behalf of Mr. Rohan Rajasekaran, Advocate for the second respondent. For the Appellant in the second appeal (Amrex Marketing Pvt. Ltd.), Mr. Adarsh Tiwari and Ms. Niharika Ahluwalia, Advocates, were present.
Final Outcome
The NCLAT bench adjourned both appeals and listed them for the next hearing on 16 December 2026. No substantive hearings or arguments on the merits of the appeals took place on this date. The order is purely procedural, dealing only with the scheduling of the next hearing.
Topics: Insolvency Appeal, NCLAT Adjournment, Corporate Litigation