Rakeshkumar Hariram Agarwal Vs State Bank of India & Ors. (NCLAT Delhi)
The National Company Law Appellate Tribunal, Delhi Bench, dismissed a batch of appeals filed by a suspended director challenging orders of the Adjudicating Authority that upheld the admission of State Bank of India’s claim and rejected objections raised against it.
The appeals arose from proceedings in which the Corporate Debtor itself had initiated insolvency under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Section 10 application was admitted on 09.09.2025. In the application, the suspended director had expressly disclosed a default of ₹116.11 crore, identifying State Bank of India as the sole financial creditor. On this basis, the insolvency process commenced, an Interim Resolution Professional (IRP) was appointed, and the Committee of Creditors was constituted with SBI as the only member.
Subsequently, SBI filed an application seeking replacement of the IRP. Around the same time, the suspended director filed an interlocutory application seeking directions to obtain documents relating to SBI’s admitted claim, rejection of the claim allegedly on limitation grounds, and a stay on the ongoing insolvency proceedings. The Adjudicating Authority rejected this application and allowed SBI’s plea for replacement of the Resolution Professional. The suspended director then filed appeals before the Appellate Tribunal challenging these orders.
