Authority: National Company Law Appellate Tribunal (NCLAT) at Chennai, comprising Justice N. Seshasayee (Member - Judicial) and Jatindranath Swain (Member - Technical)
Order Date: October 7, 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard two interconnected appeals - Company Appeal (AT) (CH) (Ins) No. 165/2026 filed by Srinivas Raju Gottumukkal and Company Appeal (AT) (CH) (Ins) No. 166/2026 filed by YS Chowdhary. Both appeals were filed against State Bank of India and two other respondents, challenging an order passed under Section 100 of the Insolvency and Bankruptcy Code.
During the proceedings, the appellants submitted a repayment plan to the Resolution Professional, Mr. Madhusudhana Reddy. The Resolution Professional confirmed that this repayment plan has been put to a vote among the stakeholders, and the voting process is currently open.
A key procedural matter discussed was the timeline of the Pre-Insolvency Resolution Process (PIRP). The appellants indicated that the PIRP period is scheduled to end on October 24, 2026. However, the Resolution Professional informed the tribunal that he has approached the Adjudicating Authority seeking an extension of this timeline.
Final Outcome
The NCLAT has listed both appeals for final orders on October 27, 2026. The tribunal will consider the outcome of the voting on the repayment plan and any decision regarding the extension of the PIRP period at the next hearing.
Topics: Corporate Insolvency, Banking Litigation, NCLAT Proceedings