Authority: National Company Law Appellate Tribunal (NCLAT) Principal Bench, New Delhi
Order Date: 05.08.2026
Case Overview
This order pertains to Comp. App. (AT) (Ins) No. 1217 of 2026 and I.A. No. 4705 of 2026. The appellant is Naresh Chand, Suspended Director of Ashiana Ispat Pvt. Ltd. The respondents are Mani Mahesh Ispat Pvt. Ltd. & Ors., with Respondent No. 2 being the Interim Resolution Professional (IRP). The NCLAT was acting on an order passed by the Hon'ble Supreme Court of India on 27.07.2026 in Civil Appeal No. 9402 of 2026. The Supreme Court, while declining to interfere with a previous NCLAT order dated 22.07.2026, had directed the NCLAT to dispose of this specific appeal by the end of August 2026. It also ordered all parties to maintain status quo until that time.
Final Outcome
The NCLAT preponed the next hearing of the appeal from its previously scheduled date of 17.08.2026 to 11.08.2026, directing it to be listed as the first case on the board. The tribunal issued strict procedural deadlines: Respondent No. 1 (Mani Mahesh Ispat Pvt. Ltd.) was directed to file its reply by 06.08.2026. The appellant was permitted to file a rejoinder within two days of receiving the reply. The appellant was also directed to inform the IRP (Respondent No. 2) of this order in writing and to file an affidavit of service before the next hearing. The NCLAT explicitly stipulated that no adjournments would be granted on 11.08.2026 and no further time for pleadings would be allowed, emphasizing compliance with the Supreme Court's directive for a timely disposal.
Topics: Insolvency Appeal, Supreme Court Directive, NCLAT Procedure