Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: October 16, 2026
Case Overview
This order pertains to two connected appeals: Comp. App. (AT) (Ins) No. 1038 of 2026 and Comp. App. (AT) (Ins) No. 1039 of 2026. The first appeal was filed by Pashupati Corporation, the successful bidder for Gouri Iron & Steel Pvt. Ltd., against respondents Rakesh Dugar & Anr. The second appeal was filed by Gouri Iron and Steel Pvt. Ltd. & Anr. against the same respondents. The matter involves proceedings under the Insolvency and Bankruptcy Code, 2016. The Tribunal heard arguments from the learned counsel for the appellants and the respondents, which were concluded on this date.
Final Outcome
The NCLAT bench, comprising Justice Mohammad Faiz Alam Khan (Member - Judicial) and Arun Baroka (Member - Technical), adjourned the hearing to clarify certain factual details of the case. The Tribunal issued directives for the liquidator and the resolution professional (RP) to remain present personally, either physically or virtually, on the next date of hearing. The matter has been listed for further proceedings on October 28, 2026, as the first case on the board. No substantive ruling on the merits of the appeal was issued in this order.
Topics: Insolvency Appeal, NCLAT Proceeding, Corporate Restructuring