# In the matter of Ajay Mittal Vs Punjab National Bank

> NCLAT judgment dated 2024-07-16. Citation: TCN-2024-NCLAT-00316. The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT)…

- **Court:** NCLAT
- **Order date:** 16 Jul 2024
- **Citation:** TCN-2024-NCLAT-00316
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ajay-mittal-vs-punjab-national-bank-6ca4a1b1

## Summary

### Background

The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning an insolvency matter. The appellant is Ajay Mittal, the suspended director of Arshiya Ltd., and the respondent is Punjab National Bank & Anr. The counsel for the respondent submitted that the appellant never approached the largest member of the consortium. The counsel for the appellant submitted that Punjab National Bank rejected the proposal submitted by the appellant for settlement.

## Facts

Ajay Mittal, the suspended director of Arshiya Ltd., filed an appeal against Punjab National Bank & Anr. before the NCLAT. The respondent's counsel stated that the appellant never approached the largest member of the consortium. The appellant's counsel admitted that Punjab National Bank rejected the settlement proposal submitted by the appellant. The tribunal considered these submissions and vacated the interim order dated 30.04.2024.

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Ajay Mi…
- **Respondents:** Arshiya…; Punjab National…

## Timeline

- **2024-07-16 — Hearing…**: Mr. Abhishek Anand, learned Counsel appearing on behalf Respondent has submitted that…
- **2024-04-30 — Interim Ord…**: Interim Order passed by this Tribunal…

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