Case Details

Case Name: State Bank of India vs. Ram Singh Setia Liquidator of Gajanan Solvex Ltd.

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

Case Number: Company Appeal (AT) (Insolvency) No. 791 of 2026 & I.A. No. 3097 of 2026

Date of Order: 26th May 2026

Parties Involved

Appellant: State Bank of India

Respondent: Ram Singh Setia in his capacity as the Liquidator of Gajanan Solvex Ltd.

Legal Representation: For Appellant - Mr. Harshit Khare and Mr. Prafful Saini, Advocates. For Respondent - Ms. Mily Ghoshal, Advocate.

Issues / Allegations / Violations

The appeal was filed by State Bank of India contesting an order related to the liquidation process of Gajanan Solvex Ltd. The appeal was filed with a delay of 11 days, requiring an application (I.A. No. 3097/2026) for condonation of this delay.

Findings & Observations

The Tribunal heard arguments from both parties regarding the application for condonation of delay. The Tribunal found that sufficient cause had been shown in paragraphs 5 and 6 of the application to justify the 11-day delay in filing the appeal.

Penalties / Settlements / Directions

The NCLAT issued the following directions:

  • The application for condonation of delay (I.A. No. 3097/2026) was allowed, and the 11-day delay was condoned.
  • Notice was issued for the main appeal (Comp. App. (AT) (Ins.) No.791/2026).
  • The respondent's counsel appeared and accepted notice, so no fresh notice was required.
  • The liquidator submitted that distribution to creditors had already been completed.
  • The respondent was directed to file a reply within three weeks.
  • The appellant was directed to file a rejoinder within two weeks thereafter.
  • The appeal was listed for hearing on 3rd August, 2026.

Final Ruling & Enforcement

The Tribunal condoned the delay and admitted the appeal for hearing. The matter will proceed according to the scheduled timeline, with the next hearing date set for August 3, 2026, to address the substantive issues raised in State Bank of India's appeal against the liquidator's actions.