Authority: National Company Law Appellate Tribunal (NCLAT) at Chennai, comprising Justice N. Seshasayee (Member - Judicial) and Jatindranath Swain (Member - Technical)
Order Date: September 1, 2026
Case Overview
This is a procedural order in an ongoing insolvency appeal. The appellant is D. Srinivasa Rao, who is identified as the Suspended Director of Priyaranjani Fibres Ltd. The respondents are Omkara Assets Reconstruction Pvt. Ltd. (Respondent 1) and another unnamed party (Respondent 2). The appeal arises from proceedings under the Insolvency and Bankruptcy Code, as indicated by the case number prefix '(Ins)'. The order was passed in a hybrid mode hearing. The legal representation was noted as follows: Mr. D. Srinivasa Rao appeared as a party-in-person for the appellant. For the respondents, Mr. M.S. Prasad, Senior Advocate (instructed by Mr. Prashanth Kumar Muddana, Advocate) appeared for R1, Mr. V.V.S.N. Raju, Advocate appeared for R2, and Mr. P. Elayarajkumar, Advocate appeared for R3.
Final Outcome
The Tribunal did not rule on the merits of the appeal. It adjourned the hearing and listed the matter for the next date of listing on September 30, 2026. The order also stated that any interim order previously granted by the Tribunal shall continue to operate until that next hearing date. The outcome is a procedural adjournment, maintaining the status quo.
Topics: Insolvency Appeal, NCLAT Procedure, Corporate Litigation