Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 21 September 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard Company Appeal (AT) (Insolvency) No. 1779 of 2026 filed by Udit Harish Sheth, the Suspended Director of SE Transstadia Pvt. Ltd., against Union Bank of India (Respondent No. 1) and another respondent. The appeal arises from insolvency proceedings initiated against the company. The tribunal heard arguments from learned counsel for the appellant and Mr. Gaurav Mitra, learned senior counsel appearing for Respondent No. 1 (Union Bank of India). After hearing the parties, the tribunal formed the considered opinion that no ad-interim order could be passed without providing an opportunity of hearing to the respondents.
Final Outcome
The NCLAT issued notice on the appeal as well as on the stay application (I.A. No. 6751 of 2026). Respondent No. 1 (Union Bank of India) was granted two weeks to file a reply, with an advance copy to the appellant's counsel, who may file a rejoinder within one week thereafter. Ms. Udita Singh, appearing for Respondent No. 2 (the Resolution Professional), was also granted two weeks to file a reply regarding both the appeal and the stay application, with a similar provision for the appellant to file a rejoinder within one week. The tribunal recorded the statement of the appellant's counsel that the appellant is exploring all avenues for settlement with the bank. The appeal was listed for further hearing on 02 November 2026 among the first ten cases of the cause list.
Topics: Insolvency Appeal, NCLAT Proceeding, Corporate Debtor