Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 02 September 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard three interconnected Company Appeals (AT) (Insolvency) numbered 1613, 1615, and 1617 of 2026. The appellants are three major financial institutions: Union Bank of India (UK) Ltd., Canara Bank, and LIC Housing Finance Limited. The respondent in all cases is Dr. Subhash Chandra along with another unnamed respondent. The appeals represent insolvency proceedings against Dr. Subhash Chandra.
The appellants filed applications seeking withdrawal of these appeals but requested liberty to revive them in the future if circumstances require. This conditional withdrawal was formally objected to by the respondents' legal representatives. During the hearing, the Learned Solicitor General (Mr. Tushar Mehta) representing the appellants proposed keeping the appeals and withdrawal applications pending until after the hearing before the Learned NCLT scheduled for 23 September 2026.
Final Outcome
The NCLAT bench, comprising Officiating Chairperson Justice Yogesh Khanna and Members Barun Mitra and Ajai Das Mehrotra, deferred the matter and listed it for next hearing on 07 October 2026. The appeals remain pending before the tribunal, and no decision was made on the withdrawal applications or the objections raised by respondents.
Topics: Insolvency Proceedings, Banking Litigation, Corporate Debt