Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 24 June 2026
Case Overview
This appeal was filed by Yogesh Kasundra, Suspended Director of Pithadai Construction Pvt. Ltd., against an order dated 10 June 2026 passed by the National Company Law Tribunal (NCLT). The NCLT order was issued on an application filed by Respondent No. 1, Mittal Construction Co., under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application claimed an outstanding debt of ₹1,29,77,269 against Pithadai Construction, as detailed in Part-IV of the application. The appellant, while maintaining they have a strong case on merits, offered to deposit the entire disputed amount without admitting liability to demonstrate bona fide intent.
Final Outcome
The NCLAT granted an interim stay on the implementation of the NCLT's insolvency order. The Interim Resolution Professional (IRP) is directed not to take any further steps pursuant to the impugned order until the next hearing. The stay is conditional upon the appellant depositing the full disputed amount of ₹1,29,77,269. The appellant must prepare a Fixed Deposit Receipt (FDR) for this amount in the name of the Registrar of the NCLAT and submit it into the Registrar's custody within three days from the order date (i.e., by 27 June 2026). The respondents are given one week to file a reply to the appeal, and the appellant may file a rejoinder one week after that. The appeal is scheduled for its next hearing on 09 July 2026.
Topics: Insolvency Proceedings, NCLAT Appeal