Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 13 August 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard an insolvency appeal between appellant Ravindra Mogra and respondents Canara Bank & Another. The proceedings concern a debt dispute where the appellant had proposed a settlement arrangement. The respondent bank, Canara Bank, rejected the appellant's settlement proposal through its learned counsel, stating that the proposed amount of ₹10 crores was insufficient against the total default amount of ₹81,60,32,532.77 (eighty-one crore sixty lakh thirty-two thousand five hundred thirty-two rupees and seventy-seven paise) as recorded in the impugned order dated 31 July 2021. The appellant's counsel indicated their client's willingness to settle the matter and pay all pending dues in full.
Final Outcome
The NCLAT bench, comprising Officiating Chairperson Justice Yogesh Khanna and Members Barun Mitra and Ajai Das Mehrotra, directed both parties to sit together and attempt to reach a settlement agreement. The tribunal adjourned the matter and listed the appeal for next hearing on 17 August 2026 to receive updates on the settlement negotiations.
Topics: Debt Settlement, Insolvency Appeal, Banking Dispute