Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 13 August 2026
Case Overview
This appeal arose from Order dated 24.07.2026 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – II) in I.A. No.3015/2026 in C.P.(IB)/96(MB)2024. The appellant, Mr. Gurumukh Uttamchandani, challenged the interim order regarding the exclusion of his proposed resolution plan for Syska LED Lights Private Limited from consideration and voting.
The I.A. No. 3015/2026 was filed on 15.07.2026 by the appellant under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking directions to stay the implementation of an email dated 14.07.2026 sent by Resolution Professional Ms. Ritu Rastogi (Respondent No. 1) regarding the exclusion of the applicant's resolution plan. The respondents included the Resolution Professional, several financial creditors (State Bank of India, Phoenix ARC Private Limited, Union Bank of India, HDFC Bank Limited, Unity Small Finance Bank, IndusInd Bank), and members of the suspended board of directors of Syska LED Lights Private Limited represented by Mr. Rajesh Jeevan Uttamchandani.
Final Outcome
The NCLAT disposed of the appeal based on agreement between the parties' senior counsel. The tribunal directed the NCLT Mumbai to finally decide IA No.3015/2026 expeditiously on its own merits and in accordance with law without being influenced by any observations made in the impugned order. The NCLT was requested to decide the application within 7 days from the order date (i.e., prior to 19th August, 2026). The voting line was ordered to remain open for 10 days from the order date, after which the Committee of Creditors shall proceed to declare the voting results. The order was made without prejudice to the rights and contentions of all parties, with liberty to seek appropriate remedy if the application is not decided within the stipulated timeframe.
Topics: Insolvency Proceedings, Resolution Plan Dispute