Authority: National Company Law Appellate Tribunal (NCLAT) at Chennai
Order Date: 10 September 2026
Case Overview
This is an appeal (Company Appeal (AT) (CH) (Ins) No.486/2026) heard by a two-member bench comprising a Judicial Member and a Technical Member. The appellant is Siddeeq, identified as a Suspended Director of Sathyadhara Communications Pvt Ltd. The respondents are Planetcast Media Services Pvt Ltd (the first respondent and operational creditor) and another party. The matter pertains to an insolvency proceeding. The learned counsel for the first respondent submitted that his client has been waiting for the repayment of a debt amount for a few years. During the hearing, the appellant's counsel consented to convey a willingness for a negotiated settlement. The Tribunal considered that a negotiated settlement was still possible between the parties.
Final Outcome
The NCLAT adjourned the hearing and posted the matter for 25 September 2026 to allow time for the exploration of a settlement. As an interim measure, the Tribunal issued a specific direction to the Interim Resolution Professional (IRP) not to constitute the Committee of Creditors (CoC) during this period.
Topics: Insolvency, NCLAT, Corporate Debt