Authority: National Company Law Appellate Tribunal, Chennai (Justice N. Seshasayee, Member (Judicial) and Jatindranath Swain, Member (Technical))
Order Date: 02 September 2026
Case Overview
This order pertains to Company Appeal (AT) (Ins) No.122/2020, registered as TA (AT) No.166/2021. The appellant is M.G.A. Abhimanyu Raja, the suspended Managing Director of Vijai Spinners (RJPM) Pvt Ltd. The respondents are Syndicate Bank (R1) and another party. The tribunal recorded that IA No. 1106/2026 had been allowed, though this was not reflected in a previous order dated 07.08.2026. An amended memo of parties has been filed. The tribunal observed that remarks and counter-remarks from both sides regarding a proposed meeting between the appellant and the respondent largely resembled a 'hide and seek game.'
Final Outcome
The NCLAT stipulated that the appellant intends to settle the issue and directed him to meet the respondent (Syndicate Bank) on or before 09 September 2026, barring any force majeure or vis majeure events. Failure to comply will result in the tribunal proceeding with the appeal. The matter is listed next for hearing on 10 September 2026.
Topics: Insolvency Proceeding, Settlement Directive