Authority: National Company Law Appellate Tribunal, Chennai
Order Date: 25 August 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) Chennai heard three connected insolvency appeals (Company Appeal (AT) (CH) (Ins) Nos. 360/2026, 361/2026, and 363/2026) filed by appellants Nuzhat Aisha Naseer, Awaiz Ahmed, and Naseer Ahmed against Canara Bank and three other respondents. The proceedings involve insolvency matters where the appellants are engaging with the financial creditor (Canara Bank) to reach a settlement. The appellants' counsel stated that Mr. Naseer Ahmed has been in touch with bank authorities and submitted his net worth certificate. However, the bank's counsel indicated receiving different instructions. The bankruptcy trustee, Mr. Ravindra Beleyur (Respondent 4), clarified that only an asset and liability statement has been provided by the appellants.
Final Outcome
The NCLAT bench comprising Justice N. Seshasayee (Member-Judicial) and Jatindranath Swain (Member-Technical) directed the appellants to submit a formal written proposal to Canara Bank officials, with copies to the bank's counsel and the bankruptcy trustee. The tribunal extended any existing interim orders until the next hearing date scheduled for September 1, 2026, at 12:55 PM. The matter remains pending for further consideration of the settlement proposal.
Topics: Insolvency Proceedings, Banking Settlement, NCLAT Order