Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 13 August 2026
Case Overview
The National Company Law Appellate Tribunal heard Company Appeal (AT) (Insolvency) No. 1100 of 2025 along with I.A. No. 5283 of 2026 between appellant Ravindra Mogra and respondents Canara Bank & Another. The proceedings involve corporate insolvency matters under the Insolvency and Bankruptcy Code. The central dispute concerns a significant financial default, with the impugned order establishing the default amount as ₹81,60,32,532.77 (Eighty-One Crore Sixty Lakh Thirty-Two Thousand Five Hundred Thirty-Two and Seventy-Seven Paise) as of 31 July 2021. The appellant proposed a settlement offer of ₹10 Crores, which respondent Canara Bank found unacceptable given the magnitude of the total outstanding dues.
Final Outcome
The NCLAT bench, comprising Officiating Chairperson Justice Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra, directed the parties to engage in settlement discussions. The tribunal specifically noted that it would be appropriate for the appellant and respondent to sit together and attempt to resolve the matter amicably. The appeal has been adjourned and listed for next hearing on 17 August 2026 to assess the outcome of these settlement efforts.
Topics: Insolvency Appeal, Bank Debt Settlement, NCLAT Proceedings