Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 28.07.2026
Case Overview
This appeal before the NCLAT involves Loknath Prasad Gupta (Member of the Suspended Board of Directors of Raja Udyog Private Limited) as Appellant versus Dinesh Chand & Others as Respondents. The proceedings relate to insolvency matters concerning Raja Udyog Private Limited. During the hearing, it was submitted by the Appellant's counsel and not denied by the Respondents' counsel that the parties are in the process of entering into a settlement agreement.
The Appellant has already paid ₹2.25 crore to Respondent Nos. 1, 2, and 3 and has prepared a demand draft for ₹93 lakh in favor of the same respondents, bringing the total settlement amount to ₹3.18 crore. The settlement terms are expected to be reduced into writing within the next four days.
Final Outcome
The NCLAT bench comprising Justice Mohammad Faiz Alam Khan (Member-Judicial) and Naresh Salecha (Member-Technical) permitted the parties to bring the settlement agreement on record along with a joint affidavit within 3-4 days from July 28, 2026. The appeal has been adjourned and listed for next hearing on August 3, 2026, under the same caption to review the submitted settlement documentation.
Topics: Insolvency Settlement, Corporate Litigation, NCLAT Proceedings