Authority: National Company Law Appellate Tribunal, Chennai (Justice N. Seshasayee - Member (Judicial) and Jatindranath Swain - Member (Technical))
Order Date: 05.08.2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard two connected appeals: Company Appeal (AT) (CH) (Ins) No. 155/2022 (with IA Nos. 361 & 362/2022) and Company Appeal (AT) (CH) (Ins) No. 49/2024 (with IA Nos. 146 & 1321/2024). The appellant in both cases is UCO Bank. The respondents in the first appeal were G. Ramachandran (Liquidator of Sai Regency Power Corporation Pvt. Ltd.) and in the second appeal were Omniedge Futures Pvt. Ltd. & Anr.
The proceedings concern the liquidation of Sai Regency Power Corporation Pvt. Ltd., which was sold as a going concern to M/s Omniedge Futures Pvt. Ltd. vide sale certificate dated 08.07.2022. Following this sale, the liquidator has been discharged from his duties. During the hearing, it was noted that since the liquidator is no longer involved and the successful purchaser of the Corporate Debtor needs to contest the appeal, Omniedge Futures should be properly impleaded in the proceedings.
Final Outcome
The NCLAT bench suo motu impleaded M/s Omniedge Futures Pvt. Ltd. (located at Flat No. 202, Plot No. 29,30,44, Oakwood Apartment, Nandhagiri Hills, Jubilee Hills, Hyderabad, Telangana-500033) as the second respondent in CA (Ins) No. 155/2022. The appellant (UCO Bank) was directed to file an amended memo of parties. Notice was accepted by Ms. Janani Shankar on behalf of the newly impleaded second respondent. Both sides were directed to submit their respective notes of submissions. The appeals were listed for further hearing on 07.08.2026 under the caption 'Part Heard', immediately after admission matters.
Topics: Insolvency Appeal, Liquidation Sale, NCLAT Procedure