Authority: National Company Law Appellate Tribunal, Chennai Bench (Justice N. Seshasayee, Member (Judicial) and Jatindranath Swain, Member (Technical))
Order Date: 23 September 2026
Case Overview
This order pertains to IA No. 924/2026 in Company Appeal (AT) (CH) (Ins) No. 319/2026. The appellants were Smt. Kampalapura Narasimaiah Jayalakshmi (Additional Director of Vistara Media Private Limited), Sri. Kampalapura Guligowda Krishna (Chief Executive Officer of Vistara Media Private Limited), and Shri. Krishna Karthik Darshan (a shareholder). They were appealing against an order that dismissed their application to implead themselves in a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (CP(IB) No.21/BB/2025). The appellant claimed to be a majority shareholder, while the financial creditor in the main petition was stated to be a minority shareholder. The appeal itself was filed with a delay of 15 days, and IA No. 924/2026 was the application seeking condonation of this delay. The matter was heard on 31 August 2026 and reserved for orders.
Final Outcome
Before the order on the delay condonation application could be pronounced, the appellant filed a memo dated 05 September 2026. This memo stated that the main corporate insolvency resolution process petition (CP(IB) No.21/BB/2025) had been withdrawn. Consequently, the Appellate Tribunal recorded the memo and disposed of the appeal, declaring it had become infructuous. No costs were awarded.
Topics: NCLAT, Insolvency