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 & Others. The appeals challenge the implementation of an approved Resolution Plan under the Insolvency and Bankruptcy Code. The matters have been pending since 2020, with an interim order dated 28 January 2020 stating that implementation of the Resolution Plan would be subject to the outcome of these appeals. The appellants sought an adjournment on the grounds that settlement talks were ongoing and a mediation process was proceeding under the Delhi High Court Mediation Centre pursuant to an order dated 08 July 2026 in CS (COMM) 1056/2018 and connected applications.
Final Outcome
The NCLAT Bench, comprising Justice Mohammad Faiz Alam Khan (Member-Judicial) and Mr. Naresh Salecha (Member-Technical), denied the request for adjournment. The tribunal found the appellants' explanation insufficient to justify further delay, particularly noting that these are among the oldest appeals pending before the tribunal. The bench provided one final opportunity for the parties to argue the appeal and listed the matter for hearing on 24 July 2026. The order explicitly warns that failure to proceed may result in dismissal of the appeals for want of prosecution.
Topics: Insolvency Appeal, NCLAT Procedure, Resolution Plan Challenge