Authority: National Company Law Appellate Tribunal, Chennai (Member (Technical) Naresh Salecha)
Order Date: 12 August 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai is hearing two connected appeals (Company Appeal (AT) (CH) (Ins) No. 258/2025 and 259/2025) filed by Mandava Prabhakar Rao, the Suspended Director and Erstwhile Director of NSL Nagapatnam Power and Infratech Ltd (Corporate Debtor). The appeals are against Navneet Kumar Gupta, the Resolution Professional (RP) of NSL Nagapatnam Power & Infratech Ltd., and two other respondents. The proceedings concern the propriety of the Committee of Creditors (CoC) meetings during the corporate insolvency resolution process.
During the hearing, learned Senior Counsel Mr. Niranjan Reddy, representing the CoC, concluded his submissions. Subsequently, learned Senior Counsel Mr. Abhijeet Sinha sought permission to intervene on behalf of the Successful Resolution Applicant (SRA), M/s Rungta Mines Limited (through I.A (IBC)/1394/2024). The tribunal noted that in a split judgment written by Hon'ble Justice Sharad Kumar Sharma, Member (Judicial), it was stated in paragraph 11 that hearing to the SRA was denied, as was its impleadment, on the grounds that the appeals pertained to the propriety of CoC meeting proceedings. At that stage, the Resolution Plan itself was not approved, and no legal rights had crystallized or matured in favor of the SRA.
The tribunal, hearing a reference matter, prima facie found that the SRA did not appear to be a party interested in these specific proceedings. However, it stipulated that any decision regarding considering the submissions made by the SRA's counsel would be taken at the time of preparing the final judgment.
Final Outcome
The NCLAT adjourned the appeals and listed them for further hearing on 18 August 2026 at 3:30 PM for rebuttal arguments to be presented by the learned counsel for the appellant, Mandava Prabhakar Rao.
Topics: Insolvency Appeal, NCLAT Proceedings, Committee of Creditors