Authority: National Company Law Appellate Tribunal, Chennai Bench (Justice N Seshasayee - Member (Judicial) and Jatindranath Swain - Member (Technical))
Order Date: 27.10.2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai is hearing Company Appeal (AT) (CH) (Ins) No. 539/2026 filed by VS Raghunathan, the Suspended Managing Director of Twenty First Century Pharmaceuticals Pvt Ltd (Appellant), against Covalent Laboratories Pvt Ltd & Anr. (Respondents). The appeal challenges the order admitting the corporate debtor (Twenty First Century Pharmaceuticals Pvt Ltd) to Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency & Bankruptcy Code (I&B Code).
The principal contention raised by the appellant is on the ground of limitation. Additionally, the issue of non-maintainability of the petition under Section 9 was raised on the ground that it was instituted without due authorization. The second respondent, the resolution professional, has already constituted the Committee of Creditors (CoC) and issued Form G for the CIRP process.
Final Outcome
The NCLAT admitted the appeal and listed the matter for final hearing on 02.11.2026, immediately after admission matters. Both parties are required to submit pointed notes of submissions. The appellant has committed to not taking more than 10-15 minutes for arguments, and the respondent will be granted similar time, though the bench noted this timeframe is flexible.
Topics: Insolvency Appeal, CIRP Admission Challenge, Limitation Dispute