Authority: National Company Law Appellate Tribunal, Chennai Bench
Order Date: 08 October 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard three connected Company Appeals filed under its Appellate Jurisdiction. The appeals were filed by three individuals who are personal guarantors to two corporate debtors, Virgo Realtors Pvt Ltd and Virgo Properties Pvt Ltd. The appellants are:
- Boppudi Vemana Vara Prasad (Company Appeal (AT) (CH) (Ins) No. 453/2026)
- Shyam Prasad Thikkavarapu (Company Appeal (AT) (CH) (Ins) No. 454/2026)
- Thikkavarapu Radhika (Company Appeal (AT) (CH) (Ins) No. 455/2026)
The sole respondent in all three appeals is Phoenix ARC Pvt Ltd, along with two other respondents. The appeals arise from proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). Each appeal was accompanied by two Interim Applications (IAs), which were also listed before the tribunal.
Representation during the hearing was as follows:
- For the Appellants: Mr. P.C. Harikumar, Advocate
- For Respondent No. 1 (Phoenix ARC Pvt Ltd): Mr. Om Prakash, Senior Advocate, instructed by Ms. Aishwarya S Nathan, Advocate
- The Resolution Professional, Ms. Renuka Devi Rangaswamy, was also present.
The hearing was conducted in hybrid mode. The bench comprised Justice Sharad Kumar Sharma, Member (Judicial), and Jatindranath Swain, Member (Technical).
Final Outcome
The NCLAT bench adjourned all three appeals and their accompanying interim applications. The matters were listed for the next hearing on 05 November 2026. No substantive orders were passed on the merits of the appeals during this hearing.
Topics: Insolvency, Personal Guarantee, NCLAT Proceedings