Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: June 30, 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard Comp. App. (AT) (Ins) No. 1099 of 2026 along with I.A. No. 4301 of 2026. The appeal was filed by Subham Bhagat, a member of the Suspended Board of Directors of Ankit Metal & Power Ltd., against Sanjeev Kumar Jalan (Resolution Professional of Ankit Metal & Power Ltd.) and other respondents. The appeal challenges an order related to the corporate insolvency resolution process of the company. Learned counsel for the appellant submitted that an application for plan approval in IA (I.B.C.) 223/KB/2026 is already listed for consideration before the Adjudicating Authority.
Final Outcome
The NCLAT issued notice to the respondents and directed that a reply be filed within two weeks. A rejoinder, if any, is to be filed within two weeks thereafter. The Tribunal made it clear that the Adjudicating Authority may proceed to decide the application for plan approval in accordance with law without being influenced by any observation made in the impugned order. The appeal is listed for next hearing on July 31, 2026.
Topics: Corporate Insolvency, NCLAT Proceedings