Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 30.09.2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard two connected appeals: Comp. App. (AT) (Ins) No. 1661 of 2026 filed by Mukesh Kumar Grover, Resolution Professional of Vayam Technologies Ltd., and Comp. App. (AT) (Ins) No. 1689 of 2026 filed by Asset Care and Reconstruction Enterprise Ltd. Both appeals were against Ebix Vayam Technologies Pvt. Ltd. & Anr. (with BSNL as Respondent No. 2 in both cases).
The appeals challenge directions given by the Learned Adjudicating Authority (NCLT) in its concluding paragraphs. The Appellant's counsel argued that the NCLT directed payment of an unquantified amount to Respondent No. 1 (Ebix Vayam Technologies) without any basis, which allegedly violated an earlier order dated 20.08.2024 and went against the spirit of a settlement agreement dated 04.03.2025.
The tribunal heard arguments at length but declined to issue any ad-interim directions without providing the respondents an opportunity to be heard and file objections.
Final Outcome
The NCLAT consolidated both appeals and issued notices to all respondents in both the stay applications and main appeals. Respondent No. 1 (Ebix Vayam Technologies) accepted notice through counsel Mr. Mohit Nandwani. BSNL (Respondent No. 2) was not represented, and the tribunal directed that notice be issued to them with steps to be taken within three working days.
The tribunal permitted Respondent No. 1 and 3 to file their replies in the stay applications and main appeals within two weeks, with advance copies to the Appellants' counsel. The Appellants may file rejoinders within one week after receiving replies. The matter is listed for next hearing on 30.10.2026 under the caption 'For Admission (After Notice)'.
Topics: Corporate Insolvency, NCLAT Proceedings, Settlement Dispute