Authority: National Company Law Appellate Tribunal, Chennai (Justice Sharad Kumar Sharma, Member (Judicial) and Jatindranath Swain, Member (Technical))
Order Date: July 7, 2026
Case Overview
The order was passed in two connected company appeals: Company Appeal (AT) (CH) (Ins) No. 99/2026 and Company Appeal (AT) (CH) (Ins) No. 100/2026. The appellant in the first appeal is the Principal Commissioner of Customs, and the respondents include Rajendra Prasad Tak, the former Liquidator of M/s. KVK Nilachal Power Pvt. Ltd., who was reported to be deceased. The second appeal involves UCO Bank & 4 Others as respondents. The proceedings had been repeatedly deferred because the Stakeholders' Consultation Committee was considering the appointment of a new liquidator following the death of Mr. Tak, but no decision had been made.
Final Outcome
To restart the stalled proceedings, the NCLAT bench directed the Stakeholders' Consultation Committee to make an expeditious decision on appointing a substitute liquidator and to submit its report to the Appellate Tribunal within 10 days from the order date (July 7, 2026). The Registry was instructed to communicate this order to the Committee for necessary compliance. The matter was listed for the next hearing on August 4, 2026.
Topics: Insolvency Proceeding, Liquidator Appointment