Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: June 15, 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard Comp. App. (AT) (Ins) No. 1056 of 2026 along with I.A. Nos. 4161 and 4162 of 2026. The appeal was filed by Sudarshan Distribution Limited (appellant) against Bank of India & Anr. (respondents). The appellant, represented by advocates including Mr. Naman Kapoor and Mr. Kunal Tandon (Sr. Adv.), made a specific proposal during the proceedings. The respondents were represented by multiple advocates including Mr. Yugal Jain and Mr. Amandeep Saini for the Committee of Creditors (CoC), Mr. Xahya Batatawala for Respondent-1, and Mr. Balaji for the Resolution Professional.
The principal matter before the tribunal involved the appellant's insistence on placing a formal proposal on record regarding the deposit of 50% of the total amount involved in the case, which amounts to Rs. 631 Crores. The tribunal acknowledged this proposal and formally recorded it for consideration by the relevant parties.
Final Outcome
The NCLAT directed that a copy of the appeal be served upon the members of the Committee of Creditors (CoC) immediately. The tribunal specifically noted that the CoC may wish to deliberate upon the deposit offer made by the appellant. The case has been adjourned and is now listed for next hearing on June 29, 2026.
Topics: Insolvency Proceedings, Legal Settlement