Case Details

Case Name: Inlays India Pvt. Ltd. vs Smart Chip Pvt. Ltd. & Anr.

Court/Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi

Case Number: Company Appeal (AT) No. 206 of 2026 & I.A. No. 3802 of 2026

Date of Order: May 29, 2026

Appeal Against: Impugned order dated February 4, 2026 passed by NCLT, Mumbai in CP/197(MB)/2025

Parties Involved

Appellant: Inlays India Pvt. Ltd.

Respondents: Smart Chip Pvt. Ltd. & Another

Legal Representatives for Appellant: Mr. Vivek Kumar Thakur (Sr. Advocate) with Mr. Saurabh Agrawal, Ms. Komal M., Mr. Ashutosh Rana, Ms. Laxita Upadhyay, Mr. Vipul Tiwari (Advocates)

Legal Representatives for Respondents: Mr. Krishnendu Datta (Sr. Advocate) with Mr. Aashish Gupta, Ms. Chandni Ghatak (Advocates)

Tribunal Members: Justice Yogesh Khanna (Member - Judicial), Mr. Ajai Das Mehrotra (Member - Technical)

Interim Directions

The NCLAT granted interim relief allowing the conversion of cash and cash equivalents currently held in the appellant's bank account into a fixed deposit. The specific directions include:

  • Amount of Rs. 12,14,86,800 (Twelve Crore Fourteen Lakh Eighty-Six Thousand Eight Hundred Rupees) lying in the bank account of Inlays India Pvt. Ltd. to be converted into Fixed Deposit Receipt (FDR)
  • The FDR to be held with Canara Bank, Noida Branch, Uttar Pradesh
  • Deposit tenure: One year with automatic renewal clause
  • The FDR must be deposited and kept with the Registrar of the NCLAT Tribunal
  • No loans or borrowings permitted against the FDR

Procedural Timeline

  • Respondents to file reply within four weeks from May 29, 2026
  • Appellant to file rejoinder (if any) within four weeks after reply submission
  • Next hearing date: August 14, 2026
  • Hearing conducted in hybrid mode

Note on Relevance

This interim order deals primarily with procedural management of funds during ongoing litigation and does not contain material financial violations, penalties, or substantive rulings affecting company valuations or market operations. The case remains pending with no final determination on the underlying dispute.