Authority: National Company Law Tribunal Mumbai Bench Court VI
Order Date: July 16, 2026
Case Overview
The National Company Law Tribunal (NCLT) Mumbai Bench heard procedural matters in an ongoing insolvency proceeding filed by Abhyudaya Co-Operative Bank Limited against Akai Steels Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC). The hearing addressed administrative issues regarding document filings and scheduling. The Applicant (Abhyudaya Co-Operative Bank) had filed a Rejoinder dated June 29, 2026, pursuant to the Tribunal's previous order dated June 11, 2026. However, the Tribunal noted this Rejoinder was not notarized. The Respondent's counsel (Akai Steels) reported technical difficulties in accessing the electronically shared Rejoinder document.
Final Outcome
The Tribunal granted the Applicant's request for 3 days to file a properly notarized affidavit adopting the Rejoinder. The Applicant's counsel undertook to re-share the Rejoinder with Respondent's counsel via email by the end of the day. Both parties were directed to file Short Synopsis/Revised Short Synopsis of their arguments (not exceeding 3 pages each) along with citations after exchanging with each other, by July 20, 2026. The matter was adjourned to July 21, 2026, at 2:30 PM based on the Respondent counsel's request due to the unavailability of their lead counsel. The Tribunal explicitly stated that no further adjournments would be granted in this matter.
Topics: Insolvency Proceeding, Banking Sector, Legal Procedure