Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 15.09.2026
Case Overview
This appeal (Company Appeal (AT) (Insolvency) No. 1744 of 2026) was filed by Dipjyoti Mahanta against an order dated 09.09.2026 from the National Company Law Tribunal (NCLT), Guwahati Bench. The NCLT order had admitted a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against the appellant, initiating Corporate Insolvency Resolution Process (CIRP).
The appellant's counsel, represented by Senior Advocate Mr. Sunil Fernandes, submitted that a Settlement Agreement dated 09.09.2026 was executed between the parties (Dipjyoti Mahanta and Smartpaddle Technology Pvt. Ltd.) prior to the pronouncement of the NCLT order. It was claimed that this fact was intimated to the NCLT bench but was not recorded in the impugned order. Counsel for both parties confirmed the execution of the settlement, pursuant to which the respondent (operational creditor) was supposed to withdraw the Section 9 petition, which did not occur.
Final Outcome
The NCLAT bench, comprising Officiating Chairperson Justice Yogesh Khanna and Member (Technical) Barun Mitra, considered the submissions from both sides. The tribunal stayed the operation of the impugned order dated 09.09.2026 and directed that the Resolution Professional shall not take any further steps in the CIRP. The appeal was listed for next hearing on 28.10.2026. The order also stated that parties are free to seek any other recourse available under the law regarding the settlement.
Topics: Insolvency Appeal, Settlement Agreement, CIRP Stay