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CDJ 2026 SC 131 print Preview print print
Court : Supreme Court of India
Case No : Civil Appeal Nos. 268-269 of 2026
Judges: THE HONOURABLE MR. JUSTICE MANOJ MISRA & THE HONOURABLE MR. JUSTICE MANMOHAN
Parties : Sastri Venkat Ramani & Another Versus Jai Corp Limited & Others
Appearing Advocates : For the Petitioners: ------- For the Respondents: -------
Date of Judgment : 15-01-2026
Head Note :-
Subject
Judgment :-

1. Delay condoned.

2. Heard learned counsel for the parties.

3. These appeal(s) impugn interim order(s) dated 17.10.2025 and 04.12.2025 passed by the National Company Law Appellate Tribunal ('NCLAT') at Chennai in Company Appeal (AT) (CH) (INS) No. 520 of 2025 (IA Nos 1463, 1464 & 1465/2025) by which, though notice on the appeal of the appellant(s) was issued, stay of the order impugned in the appeal was denied.

4. The submission of the learned counsel for the appellant(s) is that there are several arguable issues arising for consideration in the appeal preferred by the appellant(s) against the order of National Company Law Tribunal ('NCLT'), Bengaluru, dated 08.10.2025, admitting petition (i.e., CP (IB) No. 110/BB/2023) under Section 7 of Insolvency and Bankruptcy Code, 2016. One of the arguments relates to there being no existing debt consequent to the novation agreement and, even if it exists, there is no default. It is submitted that NCLAT would have to consider all these arguments on merit. Moreover, to show their bona fides, the appellant(s) are prepared to make an upfront deposit of Rs. 84 crores before the next date fixed in the appeal before NCLAT.

5. We have been informed that next date fixed in the appeal before NCLAT is 11.02.2026.

6. In such circumstances, without expressing any opinion on the merits of the plea/ appeal(s) pending before NCLAT, we deem it appropriate to dispose of these appeal(s) by providing that if the appellant(s) make a deposit of Rs. 84 crores before NCLAT by or before 09.02.2026, there shall be a stay on the order of NCLT dated 08.10.2025 till the decision of the appeal by the NCLAT. If, by the date specified above, the aforesaid amount is not deposited, then the interim order granted above shall stand automatically discharged.

8. On such deposit being made, the appeal(s) shall be heard and decided on merit expeditiously. The deposit so made shall abide further orders passed in the appeal pending before NCLAT.

9. These appeal(s) and all pending application(s), if any, are disposed of in the aforesaid terms.
 
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