Authority: National Company Law Tribunal, Jaipur Bench (Hon'ble Ms. Reeta Kohli, Judicial Member and Hon'ble Ms. Kavita Bhatnagar, Technical Member)
Order Date: June 15, 2026
Case Overview
The National Company Law Tribunal (NCLT) Jaipur Bench heard a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by operational creditor Puja Gupta (Sole Proprietor of M/S Tushar Steels) against corporate debtor Lakshmanveer Steel Pvt. Ltd. The tribunal reviewed its previous order dated May 26, 2026 in IA 256 of 2026, which had allowed the impleadment of State Bank of India (SBI) as a party to the proceedings. The respondent (Lakshmanveer Steel) had initially sought impleadment of other directors and shareholders on the grounds that directors were fighting among themselves and the respondent might not be able to justify its stand solely.
The tribunal observed that proceedings under Section 9 are bilateral in nature and therefore SBI should not be treated as an arrayed party in the present petition. The bench modified its May 26, 2026 order to exclude SBI's impleadment, clarifying that the original indulgence was granted only to implead other directors and shareholders, not financial creditors.
Final Outcome
The NCLT modified its previous order to recall the impleadment of State Bank of India from the proceedings. The respondent nos. 2 to 6 (other directors and shareholders) were granted two weeks' time to file their reply. The case is now listed for arguments on July 6, 2026.
Topics: Insolvency Proceedings, NCLT Order, Corporate Debtor