Authority: National Company Law Appellate Tribunal, Chennai Bench
Order Date: 03.08.2026
Case Overview
This appeal arises from insolvency proceedings against M/s. Barasat Krishnagar Expressways Ltd. The appellant, Goda Ganesh, is the Suspended Director of the corporate debtor. The respondents are State Bank of India (Financial Creditor) and the Resolution Professional. The matter concerns Company Appeal (AT) (CH) (Ins) No. 453/2023 with connected Interlocutory Applications IA Nos. 1413 & 1414/2023. The tribunal heard arguments from counsel for both parties regarding interim arrangements in the corporate insolvency resolution process.
Final Outcome
The NCLAT modified the existing interim order and issued specific directions: (1) The Resolution Professional is required to collate all claims against the corporate debtor, (2) The Resolution Professional must constitute the Committee of Creditors (CoC), (3) The Resolution Professional is directed to issue Form G to invite resolution plans, (4) Resolution plans may be submitted by prospective resolution applicants, however, (5) Voting on any submitted resolution plans is expressly prohibited until further order from the tribunal. The matter has been adjourned to 11.09.2026 to allow both parties to submit their pointed notes of submissions for further consideration.
Topics: Insolvency Proceedings, NCLAT Order, Corporate Debtor