Authority: National Company Law Appellate Tribunal, Chennai (Justice N. Seshasayee, Member (Judicial) and Jatindranath Swain, Member (Technical))
Order Date: 09 September 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard two connected appeals filed by Phoenix ARC Private Limited. The appellant is challenging actions or decisions related to Balakrishnan Venkatachalam, the Resolution Professional (RP) of corporate debtor Sovereign Developers & Infrastructure Ltd. The appeals are registered as Company Appeal (AT) (CH) (Ins) No. 298/2022 (with Interlocutory Applications IA Nos. 617, 618 & 619/2022) and Company Appeal (AT) (CH) (Ins) No. 313/2022 (with Interlocutory Applications IA Nos. 661, 662 & 663/2022). The matter was heard in hybrid mode with legal representation for both parties present.
Final Outcome
The bench did not adjudicate on the merits of the appeals. Instead, it issued a procedural order adjourning the hearing. Both appeals were listed for their next hearing on 27 November 2026. The tribunal specifically directed that these cases be listed under the caption 'Old Cases' on that date. The outcome of the appeals remains pending.
Topics: NCLAT, Insolvency Proceeding, Adjournment