Case Details
Case Name: Chandrakant Khemka vs UCO Bank & Anr.
Court/Authority: National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi
Case Number: Company Appeal (AT) (Insolvency) No. 984 of 2026
Date of Order: 26 May 2026
Parties Involved
Appellant: Chandrakant Khemka, Suspended Director and Shareholder of Shaivlini Impex Pvt. Ltd.
Respondents: UCO Bank & Anr.
Legal Counsel for Appellant: Mr. Shaunak Mitra, Mr. Aditya Kanodiya, Mr. Ankit Kohli, Advocates.
Legal Counsel for Respondents: Mr. Brijesh Kumar Tamber, Mr. Prateek Kushwaha, Mr. Vinay S. Bist, Mr. Dhimaan Dutta, Advocates for UCO Bank.
Issues / Allegations / Violations
The appeal challenges an order (the 'impugned order') passed by the Adjudicating Authority (NCLT) which admitted a Section 7 application of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by UCO Bank against the Corporate Guarantor, Shaivlini Impex Pvt. Ltd.
Findings & Observations
The NCLAT noted that a similar appeal (Company Appeal (AT) (Ins.) No.945 of 2026) against an order concerning the Principal Borrower had already been entertained by the tribunal, where notices were issued and an interim order was passed.
Final Ruling & Enforcement
The NCLAT passed the following directions:
- The present appeal (No.984 of 2026) is to be connected with the related appeal (No.945 of 2026).
- Notice is issued to the respondents.
- Respondents are to file a reply within three weeks.
- The appellant is to file a rejoinder within two weeks after the reply is filed.
- The appeal is listed for hearing alongside Appeal No.945 of 2026 on 17 July 2026.
Corrective Actions & Future Obligations
An interim order was passed stating that, in the meantime, no further steps shall be taken against the Corporate Guarantor (Shaivlini Impex Pvt. Ltd.). It was clarified that while publication of the insolvency application has already been made and claims can be collated, no Committee of Creditors (CoC) shall be constituted.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical)