# In the matter of Ajay Mittal vs. Punjab National Bank

> NCLAT judgment dated 2024-04-30. Citation: TCN-2024-NCLAT-00472. The case involves a Company Appeal (AT) (Insolvency) No. 837 of 2024 before the National…

- **Court:** NCLAT
- **Order date:** 30 Apr 2024
- **Citation:** TCN-2024-NCLAT-00472
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ajay-mittal-vs-punjab-national-bank-1d30cfed

## Summary

### Background

The case involves a Company Appeal (AT) (Insolvency) No. 837 of 2024 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. Ajay Mittal, the suspended director of Arshiya Ltd., is the appellant, and Punjab National Bank & Anr. are the respondents. The appellant's counsel stated that steps are being taken to resolve issues with the largest member of the consortium and proposed to resolve issues with Punjab National Bank. The appellant's counsel will submit a written proposal to Punjab National Bank within one week.

## Facts

Ajay Mittal, the suspended director of Arshiya Ltd., filed an appeal against Punjab National Bank & Anr. The appellant's counsel stated that the appellant is taking steps to resolve issues with the largest member of the consortium and proposed to resolve issues with Punjab National Bank. The appellant's counsel will submit a written proposal to Punjab National Bank within one week. The NCLAT issued a notice and listed the appeal for further hearing on May 15, 2024. In the meantime, the Committee of Creditors shall not be constituted.

## Issues and analysis

### Issue 1: Whether the appeal should be …

**Ratio:** The court has the power to adjourn

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**Reasoning:** The court considered the submissions made by the appellant's counsel and deemed it

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**Interpretation:** The court's decision to list the appeal for further hearing indicates that the

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**Application:** The court listed the appeal for further hearing on May 15, 2024, to allow the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Ajay Mi…
- **Respondents:** Arshiya…; Punjab National…
- **Advocates:** Gopal…; Mahesh Ag…; +3 more

## Timeline

- **2024-04-30 — Appellant's Su…**: Counsel for the Appellant submits that the Appellant is already taking steps for…
- **2024-05-15 — Next Hearin…**: The appeal is listed for…

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