Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 30 June 2026
Case Overview
The appeal (Comp. App. (AT) (Ins) No. 1095 of 2026) was filed by Dr. Kailash Shantilal Choudhari against Shantanu Investments Pvt Ltd & Anr. The appellant's counsel submitted readiness to deposit the entire amount due, comprising the principal amount of ₹2 crore plus interest totaling ₹3,33,14,075. The appellant sought permission to deposit ₹2 crore within three weeks and the remaining amount within a further three weeks. It was highlighted that the appellant company is a listed entity and a running concern with a large number of employees. The respondent's counsel reported that publication had been made by the Interim Resolution Professional (IRP), but the Committee of Creditors (CoC) had not yet been constituted.
Final Outcome
The NCLAT bench, comprising Justice Ashok Bhushan and Mr. Barun Mitra, permitted the appellant to deposit the amount as proposed. The IRP was directed not to take any further steps in the corporate insolvency resolution process. The company will continue to operate under the supervision of the IRP with the assistance of the appellant, other officers, and employees. The respondent was given three weeks to file a reply, and the matter was listed for the next hearing on August 6, 2026.
Topics: NCLAT Order, Corporate Insolvency, Stay Proceedings