Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 12 October 2026
Case Overview
This appeal (Comp. App. (AT) (Ins) No. 1903 of 2026) along with I.A. No. 7225 of 2026 has been filed by Punjab National Bank against an impugned order dated 10 August 2026 issued by the National Company Law Tribunal. The NCLT order had directed the appellant bank to ensure the account of the Corporate Debtor (Sai Leela Synthetics Private Limited) be closed within 10 days and that no undue harassment be caused to the Corporate Debtor. The Learned Counsel for the Appellant submitted that the bank has already taken corrective steps, including correcting the Corporate Debtor's CIBIL record, and confirmed that no dues are currently shown against the respondent company.
Final Outcome
The NCLAT issued notice to the respondents (Sai Leela Synthetics Private Limited & Others) and directed them to file their reply. The matter has been adjourned to 28 October 2026 for further proceedings. The tribunal also directed that the matter be taken up by the Learned NCLT after the date specified by the appellate court.
The bench comprised Justice Yogesh Khanna (Officiating Chairperson) and Barun Mitra (Member Technical). The appellant was represented by advocates Ms. Megha Karnwal, Mr. Aaditya Thorat, and Ms. Shreya Mishra, while the respondents were represented by Adv. Akshita K.
Topics: Banking Dispute, NCLAT Appeal, Account Closure