Authority: National Company Law Appellate Tribunal, Chennai (Justice N. Seshasayee, Member (Judicial) and Jatindranath Swain, Member (Technical))
Order Date: 25 August 2026
Case Overview
This order addresses multiple interconnected appeals (Company Appeal (AT) (CH) Nos. 129/2025, 130/2025, 131/2025, and 132/2025) with corresponding Interim Applications. The appellants include Jaber Abdul Wahab & 2 Others, TP Anilkumar & 3 Others, Indus Motor Company Private Limited & Another, and Ajmal Abdul Wahab & Another. The respondents in all matters are TP Anilkumar & 3 Others. The proceedings involve a dispute concerning a directive from an impugned order requiring the repayment of ₹29.63 crores to M/s. Indus Motor Company Private Limited, with the provision of a bank guarantee.
The current hearing specifically considered IA No. 811/2026 in Company Appeal (AT) (CH) No. 130/2025. This application was filed by an appellant seeking permission to substitute the sum of ₹29.63 crores, which had been deposited with the company pursuant to the impugned order, with an alternative form of security. The respondents strongly objected to this substitution request.
The Tribunal also took note of a previous order from the Hon'ble Supreme Court in CA No. 4420/2020 dated 20 April 2026. The Supreme Court had declined to examine the merits of an interim order passed by this NCLAT bench, citing that the main appeal itself was scheduled for a final hearing on 08 June 2026.
Final Outcome
The Tribunal directed that the pleadings for IA No. 811/2026 (the application for substitution of the deposit) must be completed by 15 September 2026. The matter is listed next on 15 September 2026 to fix a specific schedule for this application. By consent of the parties, the final hearing for the main appeals is scheduled for the afternoons of 26 October 2026 to 30 October 2026. The interim order dated 09 March 2026 will remain in operation until the next date of listing.
Topics: Corporate Legal Dispute, NCLAT Proceedings