Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 13 October 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard two connected appeals: Company Appeal (AT) (Ins.) No. 1958 of 2026 and Company Appeal (AT) (Ins.) No. 1858 of 2026. The appellants include Sunil Madhavdas Ahuja & Ors. and NKAY Investment, while the respondents include Jayesh Sanghrajka & Ors. The appeals challenge a resolution plan that was approved by both the Committee of Creditors (CoC) and the Adjudicating Authority.
A preliminary issue was raised by the respondents challenging the appellant's locus standi to maintain the appeal. The respondents argued that NKAY Investment, being merely a shareholder, lacks the legal standing to challenge the approved resolution plan. The Tribunal heard arguments from all parties on this specific issue of locus. Representing the parties were Mr. Ashim Sood for the appellants, Mr. Abhijeet Sinha (Senior Advocate) for the Resolution Professional, Mr. Krishnendu Datta (Senior Advocate) for the Successful Resolution Applicant (Respondent No. 2), and Mr. Abhishek Anand for the CoC.
Final Outcome
The Tribunal reserved its order on the preliminary issue of the appellant's locus to file the appeal. The court directed all parties to file written submissions not exceeding 3-4 pages within three working days, specifically addressing the locus issue along with relevant precedents. The submissions must be formatted in Times New Roman, font size 14. The final determination on whether the shareholder appellant has standing to challenge the resolution plan remains pending.
Topics: Insolvency Appeal, Locus Standi, Resolution Plan