Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 04.08.2026
Case Overview
This is an order from the National Company Law Appellate Tribunal (NCLAT) in Comp. App. (AT) (Ins) No. 1332 of 2026. The appellant is Loknath Prasad Gupta, identified as a Member of the Suspended Board of Directors of Raja Udyog Private Limited. The respondents are Dinesh Chand & Ors. The hearing was conducted in hybrid mode, with arguments heard from Senior Advocate Mr. Joy Saha for the appellant and Mr. Aishwarya Kumar Awasthi for Respondents No. 1, 2, and 3. Mr. Abhijeet Jain represented the Interim Resolution Professional (IRP). Counsel for the respondents submitted that they would not file a formal reply and requested that their written submissions be considered as their reply. Following the conclusion of arguments, the Tribunal reserved its judgment.
Final Outcome
The Tribunal reserved judgment and issued an interim directive. It ordered the Interim Resolution Professional (IRP) to maintain the status quo as of 04.08.2026 until the judgment is pronounced. All parties were permitted to file written submissions, limited to 3-4 pages in Times New Roman font size 14, within one week from the order date.
Topics: Corporate Insolvency, NCLAT Proceeding