Authority: National Company Law Tribunal, New Delhi Court III (Division Bench)
Order Date: 10 July 2026
Case Overview
The National Company Law Tribunal (NCLT) heard multiple interlocutory applications (IAs) in the matter of M/s. Joneja Bright Steels Pvt Ltd (Applicant/Petitioner) versus M/s. Nipman Fastners Industries Pvt Ltd (Respondent) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The case involves an insolvency proceeding with several applications including IA-3923/2023, IA-4528/2023, IA-3342/2025, IA-3023/2026, IA-2971/2026, IA-2975/2026, IA-4200/2024, IA-416/2024, and IA-1894/2026. Multiple legal representatives appeared for different parties including the applicant, liquidator, erstwhile promoter, State Bank of India (SBI), and the respondent.
The tribunal concluded hearing arguments from all parties' learned counsel. The central issue involved scheduled auctions of the respondent company's properties set for July 13, 2026, and July 15, 2026, which were proceeding amid ongoing litigation.
Final Outcome
The NCLT directed that the auctions may proceed as scheduled on July 13 and 15, 2026, but the results shall not be given effect to (finalized) until the final outcome/decision of the present matters and interlocutory applications. The parties were granted liberty to file written submissions along with case laws within five days. The matter was listed for next hearing on August 4, 2026, for compliance regarding IA-3923/2023, IA-4528/2023, IA-2971/2026, IA-2975/2026, and IA-1894/2026, while IA-3342/2025, IA-3023/2026, IA-4200/2024, and IA-416/2024 were simply listed for the same date.
Topics: Insolvency Proceedings, Asset Auction, Corporate Litigation