Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 08.07.2026
Case Overview
This appeal (Company Appeal (AT) (Ins) No. 1081 of 2026) was filed by Paramjeet Singh, the Suspended Managing Director of Oswal Overseas Ltd., against L H Sugar Factories Ltd. and another respondent. The proceedings involve insolvency-related matters. On the previous hearing date, parties had informed the tribunal that an amicable settlement had taken place between them. During the current hearing, the Senior Counsel for the appellant sought an adjournment to seek further instructions regarding this settlement.
A significant development occurred when the Senior Counsel for Respondent No. 1 (L H Sugar Factories Ltd.) retracted his previous statement made on 24.06.2026, which had been recorded in paragraph 8 of that order. The counsel clarified that his previous statement regarding the impugned order not containing any findings pertaining to money received towards time value of money was incorrect, and asserted that the correct facts were stated in the reply/short reply filed by Respondent No. 1. The appellant's counsel maintained that the original statement was correct.
Final Outcome
The NCLAT bench comprising Justice Mohammad Faiz Alam Khan (Member-Judicial) and Naresh Salecha (Member-Technical) adjourned the appeal and directed it to be listed as the first case on the next day, 09.07.2026. The tribunal took on record the retraction statement made by Respondent No. 1's counsel regarding the previous submission about the impugned order's findings.
Topics: Insolvency Appeal, Settlement Negotiations, NCLAT Proceedings