Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 02 September 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard three connected appeals filed by major financial institutions against Dr. Subhash Chandra and another respondent. The appeals are numbered Company Appeal (AT) (Insolvency) No. 1613 of 2026 (Union Bank of India (UK) Ltd. vs. Subhash Chandra & Anr.), No. 1615 of 2026 (Canara Bank vs. Dr. Subhash Chandra and Anr.), and No. 1617 of 2026 (LIC Housing Finance Limited vs. Dr. Subhash Chandra & Anr.).
The appellants, represented by Solicitor General Mr. Tushar Mehta along with multiple advocates for each institution, filed applications seeking withdrawal of these appeals. However, they requested liberty to revive the appeals in the future if circumstances require. The respondents, represented by Mr. Sajeve Deora for the Resolution Professional S.N. Sharma and a large team of advocates including Mr. Sasmit Patra and others, objected to this conditional withdrawal request.
Given the objection to the withdrawal with liberty to revive, the Solicitor General requested that the appeals and withdrawal applications be kept pending until after the hearing before the Learned NCLT scheduled for September 23, 2026.
Final Outcome
The NCLAT bench comprising Officiating Chairperson Justice Yogesh Khanna and Members Barun Mitra and Ajai Das Mehrotra ordered that the matters be listed on October 7, 2026. The tribunal effectively adjourned the proceedings pending the outcome of the NCLT hearing scheduled for September 23, 2026, leaving both the appeals and withdrawal applications in abeyance until that date.
Topics: Insolvency Proceedings, Banking Litigation