Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi
Order Date: 03 July 2026
Case Overview
This matter concerns I.A. No. 4479 of 2026 in Company Appeal (AT) (Insolvency) No. 905 of 2026. The appellant is Bhawanishankar Sharma, a member of the Suspended Board of Directors of Supreme Housing and Hospitality Pvt. Ltd. The applications (I.A. No. 4376 & 4479 of 2026) were filed seeking extension of time for submitting a bank draft of Rs. 215 crore as previously directed by the Tribunal. The interim order previously granted by the Tribunal had been vacated due to the appellant's failure to deposit the required amount within the stipulated timeframe.
Final Outcome
The Tribunal noted that the appellant is now ready to deposit the amount and has prayed for extension of time. The matter was already fixed for hearing on 06 July 2026. The Resolution Professional was directed that while the meeting of the Committee of Creditors (CoC) convened for 03:00 PM on July 3, 2026, would proceed and Form G would be finalized, the publication of Form G should await further orders of the Court. The applications were listed for next hearing on 06 July 2026.
Topics: Insolvency Proceedings, NCLAT Order, Deposit Compliance