Authority: National Company Law Appellate Tribunal, Chennai Bench
Order Date: 06 August 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard two connected appeals - Company Appeal (AT) (CH) (Ins) No.192/2026 filed by Madhusudan Khemka and Company Appeal (AT) (CH) (Ins) No.193/2026 filed by R Sundaresh. Both appeals are against Canara Bank (Respondent 1) and another respondent. The appeals arise from proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC).
The tribunal heard brief arguments from both sides in hybrid mode. Representing the appellants was Mr. P.H. Arvindh Pandian, Senior Advocate assisted by Ms. J. Parimalam, Advocate. For the respondents, Mr. MS Viswanathan appeared for Canara Bank (R1), while Ms. G. Janani represented Mr. H. Karthik Seshadri for the second respondent.
The tribunal noted that hearing has commenced and issued specific directions for submission of documents. The appellants are required to file pointed notes of submissions along with a convenient set of documents they rely on, serving copies to the opposite side by Monday. The respondents are required to respond to these submissions by Wednesday.
Final Outcome
The tribunal granted an interim stay, directing that "nothing shall be done under Section 115 of the I & B Code" pending further hearing. Section 115 of the IBC deals with punishment for misconduct by resolution professional. The matter has been listed for further hearing on 20 August 2026 at 2:00 PM under the caption 'For Hearing (Part Heard)'.
The bench comprised Justice N. Seshasayee (Member-Judicial) and Jatindranath Swain (Member-Technical).
Topics: Insolvency Appeal, Interim Stay, Banking Dispute