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 Company Appeal (AT) (Insolvency) No. 1073 of 2026. The Appellants, Rajesh Bansal & Anr., are seeking relief against Respondents Axis Bank Ltd. and the Resolution Professional. The Appellant seeks either an identical order to that passed in CA (AT) No. 912 of 2026 dated 20.05.2026 or, alternatively, an order 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 includes 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 ₹6,49,34,083.25 was due, a figure the Appellant disputed. The High Court had directed the Appellant to pay an admitted amount of ₹3.80 Crores to Respondent No. 1 (Axis Bank) in 3 installments before the next hearing date of 17.07.2026. The Appellant failed to make this payment. 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 the bank.

The Appellant's prayer is based on the grounds that a One Time Settlement (OTS) was previously accepted by the Bank and the orders of the High Court. Counsel for the Respondent (Axis Bank) countered that the earlier OTS was never complied with by the Appellant and that there is currently no OTS proposal in place. Counsel for the Appellant stated that correspondence is actively ongoing between the parties.

Final Outcome

The Tribunal did not grant the interim relief sought. It adjourned the matter to 14.08.2026. It directed Counsel for Respondent No. 1 (Axis Bank) to take instructions on whether any OTS proposal is pending. Since the Resolution Professional was not present, the Appellant was directed to intimate the Resolution Professional to ensure their appearance on the next date.

Topics: Insolvency Proceedings, Debt Dispute, Stay Application