Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 24 June 2026
Case Overview
This is an appeal (Comp. App. (AT) (Ins) No. 1089 of 2026) filed by Yogesh Kasundra, the Suspended Director of Pithadai Construction Pvt. Ltd., against an order dated 10 June 2026. The impugned order was passed by the National Company Law Tribunal (NCLT) on an application filed by the Operational Creditor, Mittal Construction Co., under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application claimed an outstanding operational debt of ₹1,29,77,269 from Pithadai Construction, as detailed in Part-IV of the application. The appellant, while maintaining a strong case on merits and without admitting liability, offered to deposit the entire claimed amount to demonstrate bonafide intent and secure a stay on the insolvency process.
Final Outcome
The NCLAT bench, comprising Justice Mohammad Faiz Alam Khan (Judicial Member) and Barun Mitra (Technical Member), issued an interim order. It directed the Appellant to prepare a Fixed Deposit Receipt (FDR) for the full amount of ₹1,29,77,269 in the name of the Registrar of the Appellate Tribunal and to submit it into the Registrar's custody within three days from the order date (i.e., by 27 June 2026). Pending this deposit and the final disposal of the appeal, the Interim Resolution Professional (IRP) is restrained from taking any further steps in pursuance of the NCLT's order. The Respondents were given one week to file a reply, and the Appellant was granted a subsequent week to file a rejoinder. The appeal is scheduled for its next hearing on 09 July 2026.
Topics: Insolvency, Construction Dispute, NCLAT Order