Authority: Supreme Court of India
Order Date: 10 September 2026
Case Overview
- Appellant: M/s Atul Bansal (HUF) claiming substantial shareholding in the corporate debtor company.
- Respondent: Indian Bank and others.
- The matter is pending before the National Company Law Tribunal (NCLT), New Delhi, on a Section 7 application; orders are reserved.
- Appellant filed intervention application No.52 of 2026 stating intention to make entire payment to the bank; NCLT has not yet ruled on it.
- Counsel for appellant: Senior Advocates Vikas Singh and Meenakshi Arora, among others; counsel for respondent: Senior Advocate Rajesh Kumar Gautam and team.
- The court noted apprehension that once a Section 7 order is passed, Section 12A of the Insolvency and Bankruptcy Code would become applicable.
Final Outcome
- The Supreme Court disposed of Civil Appeal No.12590/2026 per the signed order dated 10 September 2026.
- The Court directed the NCLT to pass an appropriate order on intervention application No.52 of 2026 at the earliest.
- All pending applications, if any, are also stood disposed of.
Topics: Insolvency, Banking Litigation