Authority: National Company Law Appellate Tribunal (NCLAT) at Chennai, comprising Justice N. Seshasayee (Member - Judicial) and Jatindranath Swain (Member - Technical)
Order Date: 30 July 2026
Case Overview
This is an appeal (Company Appeal (AT) (CH) (Ins) No.394/2025) filed by the Superintending Engineer of the Pudukkottai Electricity Distribution Circle, Tamil Nadu Power Distribution Corporation Ltd., along with two other appellants, against Suriyabalaji Steels Pvt. Ltd., represented by its Liquidator, MS. Viswanathan.
The hearing was conducted in hybrid mode. The learned counsel for the appellant submitted that an amount directed to be deposited by a previous order dated 23 September 2025 had been complied with and deposited. Notice on the respondents was served on 15 October 2025.
Mr. V. Manivannan, Advocate, appearing for the respondent/liquidator, informed the Tribunal that although he had entered his appearance on 17 December 2025, the assets of the corporate debtor (Suriyabalaji Steels Pvt. Ltd.) had since been assigned to the SBI Stressed Assets Management Branch (SAMB), Coimbatore. He stated that this must be brought on record and that he would be appearing on behalf of SBI.
Final Outcome
The Tribunal, acting suo motu (on its own motion), impleaded SBI Stressed Assets Management Branch (SAMB), Coimbatore, as the second respondent in the case. The appellant was directed to amend the memo of parties to reflect this change within one week. Mr. V. Manivannan accepted notice for the newly impleaded second respondent (SBI SAMB).
Mr. Manivannan was directed to file his vakalat (power of attorney) and any reply on behalf of the second respondent within two weeks. The matter was adjourned and listed for its next hearing on 17 September 2026.
The Tribunal ordered that until the next date of hearing, any interim order previously passed in the matter shall continue to remain in effect.
Topics: Insolvency Appeal, Asset Assignment, Interim Order