Authority: National Company Law Appellate Tribunal (NCLAT) Principal Bench, New Delhi
Order Date: 20.08.2026
Case Overview
This is an appeal (Comp. App. (AT) (Ins) No. 1537 of 2026) filed by Balbinder Singh Chhabra, the Suspended Director of Planet Infrastructure Management Pvt. Ltd., against an order passed by a lower authority. The respondents are Sanjay Kumar Poddar, the Interim Resolution Professional (IRP) of the same company, and Ingram Micro India Private Limited (Respondent No. 2). During the hearing, the appellant's counsel, while asserting a strong case on merits, informed the tribunal that the parties had amicably settled the dispute after the impugned order was passed. The settlement was being deliberated and was expected to be formally documented. Counsel for Respondent No. 2, Ingram Micro India, confirmed under instructions that settlement talks were ongoing. A key condition revealed was that the appellant was required to provide a demand draft of a certain amount to Respondent No. 2 on the day of the hearing itself.
Final Outcome
The NCLAT bench, comprising Justice Mohammad Faiz Alam Khan (Member-Judicial) and Mr. Naresh Salecha (Member-Technical), considered the submissions and the statement from Respondent No. 2, who had no objection to a stay. The tribunal issued a stay on the operation of the impugned order until the next date of hearing. Respondent No. 2 and the IRP were given one week to file their responses, and the appellant was given five days thereafter to file a rejoinder. The appeal was listed for the next hearing on 18.09.2026. All submissions made during the hearing were recorded as without prejudice.
Topics: Insolvency Proceedings, Legal Settlement, NCLAT