Authority: National Company Law Tribunal Allahabad Bench Prayagraj

Order Date: 8th June, 2026

Case Overview

The National Company Law Tribunal (NCLT) Allahabad Bench, comprising Member (Judicial) Sh. Praveen Gupta and Member (Technical) Sh. Ashish Verma, heard a cluster of eight connected Execution Petitions (EPs) listed as Item Nos. 122 to 129. The petitions were filed against a common respondent, Shivam Traders and Hire Purchase Pvt. Ltd., by various petitioners including corporate entities and individuals. The corporate petitioners are Madhusudan Motors Pvt Ltd (EP No.01/ALD/2026), Madhusudan Automobiles (EP No.04/ALD/2026), and Mukund Sales Pvt. Ltd. (EP No.05/ALD/2026). The individual petitioners are Renu Agarwal (EP No.08/ALD/2026), Prachi Agarwal (EP No.07/ALD/2026), Nidhi Agarwal (EP No.02/ALD/2026), and Rachit Agarwal HUF (EP No.03/ALD/2026). All petitions were filed under Section 45QA of the Reserve Bank of India Act, 1934, read with Rule 73 of the NCLT Rules, 2016, which pertains to the recovery of deposits.

The hearing was primarily procedural, focusing on the filing of replies by the numerous respondents. Multiple counsels appeared for different sets of respondents. The principal allegation across all petitions is a claim for debt recovery from Shivam Traders and Hire Purchase Pvt. Ltd.

Final Outcome

The Bench issued directions granting extensions for filing replies:

  • Sh. Rishi Sood, counsel for Respondents No. 2 to 4, was granted three weeks to file a reply and Vakalatnama.
  • Sh. Sudarshan Rajan, counsel for Respondents No. 13, 15, 19, and 21, was granted three weeks to file a reply and Vakalatnama.
  • Counsel for Respondents No. 5, 6, 9, and 10 stated that replies had already been filed. Respondents No. 7, 8, and 11 were granted three weeks to file their replies and Vakalatnamas.
  • Counsel for the primary Respondent No. 1 (Shivam Traders and Hire Purchase Pvt. Ltd.) was granted a final opportunity of three weeks to file a reply.
  • Sh. Sibiraj R V, counsel for Respondents No. 12, 14, 16, 17, and 20, was granted three weeks to file a reply and Vakalatnama.

The Bench explicitly stated that this three-week period constitutes a final opportunity for all respondents to file their replies. Advance copies of all replies must be supplied to the opposing side. The matter has been adjourned and is next listed for hearing on 14th July, 2026, at 12:30 P.M.

Topics: Debt Recovery, NCLT Proceedings