Sameer Nagpal Vs ISITVA Steel Pvt. Ltd. & Anr. (NCLAT Delhi)
The National Company Law Appellate Tribunal (NCLAT), Delhi, disposed of an appeal against the order dated 12.06.2026 passed by the NCLT, Kolkata-I Bench in C.P. (IB) No. 87/KB/2025 admitting a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016.
The appellant contended that the Section 9 petition ought not to have been admitted since the amount of the claim was below ₹1 crore and, in view of Section 4 of the Insolvency and Bankruptcy Code, 2016, the petition was not maintainable. Counsel for the respondent fairly admitted that the overall debt was less than ₹1 crore. In view of the submissions made by both sides and the admitted position regarding the amount due, the NCLAT set aside the admission order dated 12.06.2026.
The Tribunal further directed that the amount of ₹91,98,556 deposited by the appellant pursuant to its order dated 24.06.2026 be refunded to the appellant after due verification and in accordance with law. It also observed that any settlement between the parties could be adverted to. The appeal was disposed of and pending applications, if any, were closed.
The order also records earlier proceedings in the appeal. The appellant had submitted that, without prejudice to its rights and despite having a good case on merits, it was willing to deposit ₹91,98,556 to demonstrate bona fides. It was stated that the parties had earlier entered into a settlement under which ₹4,60,49,000 was agreed as full and final settlement, out of which ₹4,14,00,000 had already been paid. It was further submitted that an additional ₹70 lakh had been paid and that an email dated 04.02.2023 from the Operational Creditor acknowledged the remaining liability at ₹91,98,556.
