Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi

Order Date: 06.11.2026

Case Overview

This appeal, Comp. App. (AT) (Ins) No. 2173 of 2026, was filed by Himanshu Jain, an ex-director of the Corporate Debtor, Satnam Global Infraprojects Limited, against Tech Lads India Pvt. Ltd., the Operational Creditor. The appeal challenges the order dated 21.10.2026 passed by the Adjudicating Authority, which admitted a Section 9 insolvency application against the Corporate Debtor. The background involves an initial Section 9 application by the Operational Creditor, which was dismissed on 24.09.2025. The Operational Creditor appealed that dismissal in Comp. App. (AT) (Ins) No. 1751 of 2025. On 03.07.2026, the NCLAT disposed of that appeal by reviving the petition before the Adjudicating Authority with a direction to pass an order within three months. It also directed the Corporate Debtor to liquidate the debt and submit proof; if satisfied, the Adjudicating Authority was to close the Section 9 application. The Appellant submitted that due to health issues of the Corporate Debtor's Managing Director, the debt could not be liquidated. An application (I.A. No. 7673 of 2026) was filed before the NCLAT, which was disposed of on 27.10.2026. That order noted a settlement between the parties and directed that the publication of Form-A (insolvency commencement) be kept in abeyance for four weeks to enable the Appellant to file this appeal. Crucially, the parties had entered into a settlement, documented at page 126 of the appeal paper book, and this fact was within the knowledge of the Adjudicating Authority, as evidenced by its order dated 16.10.2026 in Company Petition (IB) No. 329/ND/2024. Despite this knowledge, the Adjudicating Authority passed the impugned order admitting the company into insolvency on 21.10.2026. The Learned Counsel for the Operational Creditor fairly conceded that the dispute had been amicably settled before the impugned order was passed and had no objection to the appeal being allowed.

Final Outcome

The NCLAT noted that the Resolution Professional was not represented. It issued a notice to the Resolution Professional, directing steps to be taken within 24 hours. The appeal was listed for the next hearing on 23.11.2026. The operation of the impugned order dated 21.10.2026 has been stayed until the next date of listing.

Topics: Insolvency, Settlement, NCLAT