Authority: National Company Law Appellate Tribunal, Chennai (Justice Yogesh Khanna - Member (Judicial) & Jatindranath Swain - Member (Technical))
Order Date: 12 June 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai is hearing four interconnected appeals (Company Appeal (AT) (CH) (Ins) Nos. 120/2026, 126/2026, 140/2026, and 135/2026) related to the Corporate Insolvency Resolution Process (CIRP) of Sovereign Industries Ltd.
The appeals involve multiple parties: Shri Dutt India Pvt. Ltd. (appellant in CA 120/2026), Ritesh R Mahajan in his capacity as Resolution Professional of Sovereign Industries Ltd. (appellant in CA 126/2026 and 135/2026, and respondent in other appeals), Karnataka State Cooperative Apex Bank Ltd. (appellant in CA 140/2026), and The Ugar Sugar Works Ltd among others as respondents.
Representation includes Ms. Priyanka Varma, Mr. Ranghasayee, and Mr. Rahul advocating for Shri Dutt India Pvt. Ltd.; Mr. Rohit Gupta, Mr. Aditya Dubey, and Ms. Prashansha Agarwal advocating for the Resolution Professional; Mr. Satwik Upadhya advocating for various respondents; and Mr. AS Vishwajith advocating for Karnataka State Cooperative Apex Bank Ltd.
The nature of the proceedings involves appellate jurisdiction under insolvency laws, though the specific grounds of each appeal are not detailed in this procedural order.
Final Outcome
The Tribunal has adjourned all four appeals to July 9, 2026. Learned counsel appearing for both sides have been directed to file a joint convenience compilation on or before the next date of hearing. No substantive decisions on the merits of the appeals were made in this order.
Topics: Corporate Insolvency, NCLAT Proceedings, Creditor Rights