Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 15 July 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard two connected appeals: Comp. App. (AT) (Ins) No. 127-128 of 2020 (filed by Nityank Infrapower & Multiventures Pvt. Ltd.) and Comp. App. (AT) (Ins) No. 112-113 of 2022 (filed by Balmukh Goldjewel and Multitrading Pvt. Ltd.), both against Respondents Rakesh Rathi & Ors. The appeals have been pending since 2020, with an interim order dated 28 January 2020 stating that the implementation of an approved Resolution Plan would be subject to the outcome of these appeals. The Tribunal noted these may be among its oldest pending appeals.
During the hearing, the Appellant's counsel requested an adjournment, informing the Tribunal that settlement talks were ongoing between the parties. He stated that a mediation process was proceeding under the auspices of the Delhi High Court Mediation Centre, pursuant to an order passed by the Hon'ble High Court of Delhi dated 08 July 2026 in connected matters CS (COMM) 1056/2018 and IA Nos. 10206/2018, 16071/2023. The Tribunal put a pointed query to the Appellant's counsel on how the matter pending before the Delhi High Court affected the disposal of the instant appeal. The Tribunal found the explanation provided to be insufficient grounds for granting an adjournment.
Final Outcome
The NCLAT denied the request for an adjournment. Considering the appeals have been pending since 2020 and require expedient disposal, the Tribunal provided a "last opportunity" for the parties to argue the appeal. It listed the matter for a final hearing on 24 July 2026, to be placed among the first three cases of the cause list. The order explicitly warns that if the parties fail to argue the appeal on that date, the Bench would be compelled to dismiss the appeal for want of prosecution.
Topics: NCLAT Proceedings, Insolvency Appeal, Adjournment Denial