Rajesh Bansal NCLAT Appeal Against Axis Bank CIRP

Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi

Order Date: 12.08.2026

Case Overview

This Interim Application (I.A. No. 5273 of 2026) arises from a Company Appeal (AT) (Insolvency) No. 1073 of 2026. The Appellants, Rajesh Bansal & Anr., are seeking relief from the NCLAT against Respondents Axis Bank Ltd. and the Resolution Professional. The Appellants prayed for an order identical to one passed in CA (AT) No. 912 of 2026 on 20.05.2026 or, alternatively, to restrain the Resolution Professional (Respondent No. 2) from issuing Form G, inviting Expressions of Interest, or taking any further steps in the Corporate Insolvency Resolution Process (CIRP).

The background involves a dispute over a debt. The Appellants referred to an order dated 26.05.2026 from the Hon'ble Delhi High Court in W.P.(C) 6802/2026, which noted that Axis Bank claimed an amount of Rs. 6,49,34,083.25 was due—a figure the Appellants agitated as incorrect. The High Court had directed the Appellant to pay an admitted amount of Rs. 3.80 Crores to Respondent No. 1 (Axis Bank Ltd.) in 3 installments before the next hearing date of 17.07.2026. Admittedly, this amount was not paid. Consequently, on 27.05.2026, a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted against the Appellant. This led to the filing of CM Appl. 42494 of 2026 before the Delhi High Court, which modified its earlier order to direct that the amount be deposited with the Registrar General of the Delhi High Court instead of with the bank.

The Appellants' prayer is premised on the fact that a One-Time Settlement (OTS) was previously accepted by the bank and the orders of the High Court. However, counsel for the Respondent (Axis Bank) submitted that the earlier OTS was never complied with by the Appellant and that there is no OTS proposal currently in place. Counsel for the Appellant countered that correspondence is actively ongoing between the parties.

Final Outcome

The Tribunal did not grant the interim relief sought. It directed the counsel for Respondent No. 1 (Axis Bank) to take instructions on two points: 1) whether some OTS proposal is pending, and 2) to inform the court. The Appellant was also directed to intimate the Resolution Professional about the next hearing date. The matter was adjourned and listed for the next hearing on 14.08.2026.

Topics: Insolvency Appeal, Debt Dispute, Stay on CIRP