Authority: National Company Law Appellate Tribunal, Chennai (Justice N. Seshasayee, Member (Judicial) and Jatindranath Swain, Member (Technical))
Order Date: 05 August 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 respondent in the first appeal is G. Ramachandran, the Liquidator of Sai Regency Power Corporation Pvt. Ltd. The respondents in the second appeal are Omniedge Futures Pvt. Ltd. & Anr.
The corporate debtor, Sai Regency Power Corporation Pvt. Ltd., was sold as a going concern in liquidation to M/s Omniedge Futures Pvt. Ltd. This sale was completed vide a sale certificate dated 08.07.2022. Following this sale, the liquidator has been discharged from his duties. During the hearing, it was noted that the liquidator was not before the court, and since the successful purchaser of the corporate debtor (Omniedge Futures) would need to contest the appeal, the issue of impleadment was raised.
Final Outcome
The Tribunal, noting that the appeal (CA (Ins) No. 155/2022) has been pending since 2022, deemed it appropriate to suo motu (on its own motion) implead M/s Omniedge Futures Pvt. Ltd. as the second respondent in that appeal. The complete address of the company was recorded: Flat No. 202, Plot No. 29,30,44, Oakwood Apartment, Nandhagiri Hills, Jubilee Hills, Hyderabad, Telangana-500033. 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.
Topics: Insolvency Litigation, Bank Lender Rights