Authority: National Company Law Appellate Tribunal (NCLAT) at Chennai
Order Date: 10 September 2026
Case Overview
This is an appeal filed under the appellate jurisdiction of the NCLAT, Chennai, registered as Company Appeal (AT) (CH) (Ins) No.486/2026. The appellant is Mr. Siddeeq, identified as the Suspended Director of Sathyadhara Communications Pvt Ltd. The respondents are Planetcast Media Services Pvt Ltd (R1), the operational creditor, and another party (R2). The matter pertains to an ongoing corporate insolvency resolution process. The learned counsel for the first respondent (operational creditor) submitted that their client, Planetcast Media Services, has been waiting for the repayment of a debt amount for a few years. The tribunal, after hearing both sides briefly, considered that a negotiated settlement was still possible. The counsel for the appellant consented to convey his client's willingness to explore such a settlement.
Final Outcome
The NCLAT bench, comprising a Judicial Member and a Technical Member, adjourned the matter for two weeks to allow the parties to explore possibilities of a settlement. A specific interim direction was issued to the Interim Resolution Professional (IRP) instructing them not to constitute the Committee of Creditors (CoC) during this period. The matter is next listed for hearing on 25 September 2026, by which time the parties are to circulate a short note of their submissions.
Topics: Insolvency, NCLAT, Corporate Debt