Authority: National Company Law Appellate Tribunal, Chennai Bench
Order Date: 18 August 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard two connected appeals: Company Appeal (AT) (CH) (Ins) Nos. 482/2025 and 483/2025. The appellants are Mr. Shankar Suresh and Mr. Pradeep Kumar Sekar, who are personal guarants. The respondent in both appeals is Orix Leasing & Financial Services India Ltd., with another respondent party.
The appellants challenged separate orders passed against them under Section 95 of the Insolvency and Bankruptcy Code, 2016. Their principal ground of appeal was that their liability falls below the minimum threshold required under the Code. During the hearing, counsel for the respondents submitted that a subsequent order (which has not been challenged) has rendered these present appeals infructuous.
Final Outcome
Due to paucity of time, the Tribunal could not hear the matter fully. The NCLAT directed the Adjudicating Authority to list the matter for hearing and passing orders on the petition under Section 121 of the I&B Code. The Tribunal specifically instructed that while hearings on the petition may continue, the Adjudicating Authority should defer pronouncing orders on the petition for the present. Both appeals were adjourned and listed for next hearing on 28 August 2026.
The bench comprised Justice N. Seshasayee (Member-Judicial) and Jatindranath Swain (Member-Technical).
Topics: Insolvency Proceedings, Personal Guarantors, NCLAT