Authority: National Company Law Appellate Tribunal, Chennai (Justice Sharad Kumar Sharma - Member (Judicial) and Jatindranath Swain - Member (Technical))
Order Date: 27 May 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard two connected appeals (Company Appeal (AT) (CH) (Ins) No. 266/2026 and 267/2026) involving Axis Bank Ltd. & Another as Appellants and V Renuka Devi Rangasamy, the Resolution Professional (RP) of the consolidated corporate debtors Regen Powertech Pvt. Ltd. and Regen Infrastructure and Services Pvt. Ltd. as Respondent. The appeals challenge aspects of the Corporate Insolvency Resolution Process (CIRP) concerning these corporate debtors. The Committee of Creditors (CoC) had passed a resolution to re-run the CIRP of the corporate debtor, which forms the subject matter of the dispute. The Tribunal heard arguments from counsel for both parties, including Mr. Pranava Charan for the appellants, Mr. TK Bhaskar, Mr. Surya Teja Nalla, and Ms. Niveditha for the respondent RP, and Mr. E. Om Prakash, Senior Advocate representing the CoC as an intervenor.
Final Outcome
The NCLAT deferred the enforcement of the second part of its order that permitted the re-running of the CIRP of the corporate debtor as resolved in the CoC meeting. This deferral will remain in effect until 16 June 2026, when the matter is listed for dictation of judgment. The Tribunal indicated that certain vital issues requiring consideration interplay with its earlier judgment rendered on 5 March 2026 in Company Appeal (AT) (CH) (Ins) 109/2026 & 113/2026.
Topics: Corporate Insolvency, Banking Litigation