Authority: National Company Law Appellate Tribunal, Chennai Bench
Order Date: 07 October 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard two interconnected appeals: Company Appeal (AT) (CH) (Ins) No. 165/2026 filed by Srinivas Raju Gottumukkal and Company Appeal (AT) (CH) (Ins) No. 166/2026 filed by YS Chowdhary. Both appeals challenge an order passed by the Adjudicating Authority under Section 100 of the Insolvency and Bankruptcy Code, 2016. The respondents in both appeals are the State Bank of India and two others, represented by the Resolution Professional (RP), Mr. Madhusudhana Reddy.
During the proceedings, the appellants, without prejudice to their contention in the appeals, submitted a repayment plan to the Resolution Professional. The RP informed the tribunal that this plan had been put to a vote and the voting process had commenced. A key point of discussion was the impending end of the Pre-Insolvency Resolution Process (PIRP) period, which the appellant stated was 24 October 2026. In contrast, the Resolution Professional indicated that he had applied to the Adjudicating Authority for an extension of this timeline.
Final Outcome
The NCLAT bench, comprising Justice N. Seshasayee (Member-Judicial) and Jatindranath Swain (Member-Technical), did not rule on the merits of the appeals. Instead, it adjourned the matters and listed both appeals for passing orders on 27 October 2026. The practical consequence is a continuation of the process until the next hearing date, allowing the voting on the repayment plan to proceed and providing time for the Adjudicating Authority to potentially rule on the RP's application for a time extension.
Topics: Corporate Insolvency, NCLAT Proceeding, Debt Resolution