Authority: National Company Law Appellate Tribunal (NCLAT) Principal Bench, New Delhi
Order Date: 09.07.2026
Case Overview
This is an appeal filed by Vostok Foods Pvt. Ltd. (Appellant) against an order dated 19.02.2026 from the National Company Law Tribunal (NCLT). The impugned NCLT order admitted an application filed by Bank of Maharashtra (Respondent) under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) for initiation of the Corporate Insolvency Resolution Process (CIRP) against the appellant. The petition was admitted on grounds of a default amount of ₹3,54,93,671, with the date of default recorded as 04.12.2021.
The respondent bank's petition was based on the appellant's failure to make payments despite a demand-cum-default notice and a demand notice issued under Section 13(2) of the SARFAESI Act, 2002. The bank also alleged that the appellant had acknowledged the debt through a Balance Confirmation letter dated 27.01.2022 and had not adhered to the terms of a loan agreement dated 30.08.2016.
A primary contention in the appeal is the appellant's submission that it never received notice of the proceedings before the NCLT. However, the NCLAT notes that the impugned order from the NCLT indicates the appellant was served via substituted service through publication in two daily newspapers.
Final Outcome
The NCLAT did not make a final ruling on the appeal's merits. Instead, it issued a procedural direction. The appellant was ordered to file the entire set of order sheets from the NCLT proceedings, along with reports on the earlier services of notice, by way of an affidavit. This filing must be completed within four weeks from the order date (09.07.2026). The matter has been listed for the next hearing on 02nd September, 2026.
Topics: Insolvency Appeal, Service of Notice, NCLAT Procedure