Authority: National Company Law Appellate Tribunal (NCLAT) at Chennai
Order Date: 19 August 2026
Case Overview
This order pertains to two interconnected Company Appeals (AT)(CH)(Ins) No. 376/2026 and 377/2026. The appeals are related to the Corporate Insolvency Resolution Process (CIRP) of Sargam Metals Pvt. Ltd. The appellants in the first appeal are Neeraj Agarwal (Proprietor of Ambal Agencies) versus S. Arun (Suspended Director of Sargam Metals Pvt. Ltd.) and another respondent. The second appeal is filed by S. Arun versus the Interim Resolution Professional (IRP) of Sargam Metals Pvt. Ltd. and two others. The matter was listed for hearing on 19 August 2026.
During the proceedings, the learned counsel for the Interim Resolution Professional (IRP), Mr. KJ Vinod, submitted that the details of the corporate debtor's assets and liabilities had been circulated to him only on the previous day (18 August 2026). Consequently, he requested an adjournment to review this information thoroughly. He stated his intention to file a supplementary status report based on this new data and to subsequently consolidate all information into a single comprehensive report for the tribunal.
Final Outcome
The NCLAT bench, comprising Justice N. Seshasayee (Member-Judicial) and Jatindranath Swain (Member-Technical), adjourned the hearing of both appeals to 28 August 2026. The tribunal ordered that the existing interim order, the specifics of which are not detailed in this excerpt, shall continue to remain in force until the next date of listing. The IRP is expected to file his consolidated status report by the next hearing.
Topics: Insolvency Proceeding, NCLAT Adjournment, IRP Status Report