# In the matter of Arjun Govind Raghupathy, vs. National Asset Reconstruction  Company Ltd.

> NCLAT judgment dated 2026-04-30. Citation: TCN-2026-NCLAT-00147. An appeal, Company Appeal (AT) (CH) (Ins) No. 252/2026, was filed by Arjun Govind Raghupathy,…

- **Court:** NCLAT
- **Order date:** 30 Apr 2026
- **Citation:** TCN-2026-NCLAT-00147
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/arjun-govind-raghupathy-vs-national-asset-reconstruction-company-ltd-0c83dd99

## Summary

### Background

An appeal, Company Appeal (AT) (CH) (Ins) No. 252/2026, was filed by Arjun Govind Raghupathy, Suspended Director of BGR Energy Systems Ltd., challenging an impugned order dated 17.04.2026. This impugned order, passed in CP(IB) No.58/7/AMR/2024, had admitted a Section 7 application under the Insolvency and Bankruptcy Code against BGR Energy Systems Ltd.

## Facts

An appeal, Company Appeal (AT) (CH) (Ins) No. 252/2026, was filed against an impugned order dated 17.04.2026.

The impugned order, passed in CP(IB) No.58/7/AMR/2024, admitted a Section 7 application under the IBC against BGR Energy Systems Ltd.

The Appellant, Arjun Govind Raghupathy, is the Suspended Director of BGR Energy Systems Ltd.

Respondent No.1, National Asset Reconstruction Company Ltd., stated that a settlement proposal from the Appellant is under consideration, subject to revision.

The NCLAT's order dated 30.04.2026 is an interim order and not an adjudication on the merits of the stay application.

The effect of the impugned order of 17.04.2026 has been suspended until the next date of listing.

The Company Appeal is directed to be listed for orders on 15.06.2026.

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## Issues and analysis

### Issue 1: Whether the impugned order dated 17.04.2026, admitting a Section 7 application against BGR Energy …

**Ratio:** The National Company Law Appellate Tribunal (NCLAT) suspended the effect of the impugned

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**Reasoning:** The Tribunal's reasoning for suspending the impugned order was to facilitate and

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**Interpretation:** This decision highlights the NCLAT's discretionary power to grant interim

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**Application:** The NCLAT applied its inherent powers to ensure that the legal process does not

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** Arjun Govind…
- **Respondents:** BGR Energy…; National Asset…
- **Advocates:** P.S. R…; Pradeep…; +3 more

## Timeline

- **2026-04-17 — Impugned Orde…**: An order was passed in CP(IB) No.58/7/AMR/2024, admitting a Section 7 application against…
- **2026-04-30 — NCLAT Interi…**: The National Company Law Appellate Tribunal (NCLAT) passed an order suspending the effect…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-chennai/arjun-govind-raghupathy-vs-national-asset-reconstruction-company-ltd-0c83dd99