Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 14 August 2026
Case Overview
This interim application (I.A. No. 5273 of 2026) arises from Comp. App. (AT) (Ins.) No. 1073 of 2026 between appellants Rajesh Bansal & Anr. and respondents Axis Bank Ltd. & Anr. The appellants claim to be actively involved in settling the matter with financial creditor Axis Bank Ltd., though this is denied by the bank's counsel. The core dispute involves the actual interest due, which is concurrently pending before the Delhi High Court in W.P. (C) No.6802 of 2026, with the next hearing scheduled for 28 September 2026.
While Axis Bank Ltd. has admitted to an amount of Rs 3.80 crores before the Delhi High Court, payable in three installments, the impugned order references paragraph 25 of the appellant's reply which states the default amount as Rs 4,46,33,447.06. Additionally, a letter dated 03 August 2026 shown to the tribunal rejected an One-Time Settlement (OTS) proposal dated 17 July 2026 and indicated an amount of Rs 5.10 crores.
To demonstrate bona fides, the appellant offered to deposit the amount of Rs 4,46,33,447.06, stating that Rs 2.80 crores had already been deposited, with a balance of Rs 1 crore to be deposited before the Delhi High Court and the remaining amount before the NCLAT Registrar.
Final Outcome
The NCLAT directed the appellant to deposit the amount in the name of 'Registrar, National Company Law Appellate Tribunal, New Delhi' in a Fixed Deposit Receipt (FDR) for an initial period of six months with an automatic renewal clause. This deposit must be completed within two weeks. The appellant is permitted to approach Axis Bank again to seek an amicable resolution. The order is issued without prejudice to the rights of Axis Bank. The Resolution Professional is directed not to issue Form-G until the next hearing date of 06 October 2026.
Topics: Insolvency Stay, Debt Settlement, Banking Dispute