Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 19 August 2026
Case Overview
This order pertains to Comp. App. (AT) (Ins) No. 1217 of 2026 along with I.A. No. 4705 of 2026. The appellant is Naresh Chand, the Suspended Director of Ashiana Ispat Pvt Ltd. The respondents are Mani Mahesh Ispat Pvt. Ltd. & Others. The bench, comprising Justice Mohammad Faiz Alam Khan (Member-Judicial) and Naresh Salecha (Member-Technical), heard the matter in hybrid mode. Senior Advocates Mr. K. Datta (for appellant) and Mr. Gaurav Mitra (for Respondent-1) represented the parties, along with their respective legal teams. The tribunal noted that it had already heard learned counsel for the parties in depth and heard the appellant's counsel in rebuttal submissions. With arguments concluded, the judgment has been reserved.
The order permits learned counsel for the parties to file Written Submissions in support of their oral arguments, if they so wish. These submissions must be filed within two days from the order date (i.e., by 21 August 2026). The submissions are strictly limited to not more than 3-4 pages, must be in Times New Roman font with size 14, and should cite relevant case laws and paragraphs of judgments.
Final Outcome
The final judgment in the appeal has been reserved by the NCLAT bench. The outcome of the appeal and any consequential directions will be determined and pronounced at a later date.
Topics: Corporate Insolvency, NCLAT Proceeding, Director Appeal