Authority: National Company Law Appellate Tribunal, Chennai
Order Date: July 30, 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard IA No. 1048/2026 in Company Appeal (AT) (CH) (Ins) No. 242/2025. The application was filed by State Bank of India and two other appellants seeking substitution of Appellant No. 1 (State Bank of India) with its assignee, Reform ARC Limited. The respondents include S. Palaniappan, the Erstwhile Liquidator of Nathella Sampath Jewelry Pvt. Ltd. The matter represents an ongoing insolvency appeal proceeding.
Final Outcome
The NCLAT allowed the substitution application (IA No. 1048/2026), permitting Reform ARC Limited to replace State Bank of India as the appellant. The tribunal directed the appellant to file an amended memo of parties reflecting this substitution. Additionally, the appellant was granted two weeks to file a rejoinder. The matter was listed for the next hearing on September 3, 2026. The bench ordered that any existing interim order previously passed by the tribunal shall continue until the next date of hearing.
The bench comprised Justice N Seshasayee (Member - Judicial) and Jatindranath Swain (Member - Technical). Representation included Ms. Mansi Sethiya for the appellants and Mr. Manoj Gopalakrishnan (for Mr. R. Vidhya Shankar) for the respondent.
Topics: Insolvency Appeal, Bank Assignment, NCLAT Procedure