Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi

Order Date: 03 July 2026

Case Overview

The National Company Law Appellate Tribunal (NCLAT) heard Interim Application No. 4142 of 2026 in Company Appeal (AT) No. 306 of 2024. The appeal has been filed by CA Aravind Maiya (Appellant) against the National Financial Reporting Authority (NFRA) and Others (Respondents). The matter concerns disciplinary/penalty orders passed by NFRA against the appellant in "Non-AQRR cases."

The hearing primarily addressed the appellant's application (I.A. No. 4142 of 2026) seeking a deferral of the main appeal's hearing. The appellant requested the Tribunal to postpone proceedings until the final disposal of SLP (C) No. 4139 of 2025 pending before the Supreme Court of India, or the rejection of certain interim applications (I.A. Nos. 78209 and 76450 of 2026) filed by the appellant in that SLP. An alternative prayer sought deferral until the Supreme Court passes orders on an application (I.A. No. 334475 of 2025) filed by NFRA, which seeks permission to enforce its disciplinary/penalty orders in non-AQRR cases.

The Tribunal noted the background of the case, including a previous order dated 22.05.2026, which highlighted the urgency for disposing of the appeal at the earliest. This urgency was underscored by facts presented to the bench regarding applications moved by the appellant before the Supreme Court. The matter was subsequently listed for final hearing on 26.05.2026. On that date, the appellant's counsel insisted that the NCLAT await the outcome of the two applications he had filed in the Supreme Court and requested the appeal be listed after 30.07.2026. The Tribunal permitted the appellant to formally file the current application (I.A. No. 4142 of 2026) to seek a stay of proceedings.

NFRA has filed its reply to this application, which was accepted on record by the Tribunal as a 'hard copy' despite being filed late. During the hearing, the appellant's senior counsel admitted that no specific prayer for staying the NCLAT proceedings had been made in any of the applications pending before the Supreme Court.

Final Outcome

The NCLAT has adjourned the matter. The appellant has been granted seven days from July 3, 2026, to file a rejoinder to NFRA's reply concerning the deferral application (I.A. No. 4142 of 2026). The case is now listed for July 14, 2026, among the first five cases of the day. The Tribunal will dispose of the deferral application and proceed with the final hearing of the main appeal on that date. The bench reiterated its request for the appellant's cooperation in the expedited disposal of the appeal, noting the priority mandated by earlier Supreme Court directives.

Topics: Legal Procedure, Regulatory Enforcement