# In the matter of Ajay Mittal Vs Punjab National Bank

> NCLAT judgment dated 2024-05-15. Citation: TCN-2024-NCLAT-00431. The case is a Company Appeal (AT) (Insolvency) No.837 of 2024 before the National Company Law…

- **Court:** NCLAT
- **Order date:** 15 May 2024
- **Citation:** TCN-2024-NCLAT-00431
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ajay-mittal-vs-punjab-national-bank-7ba12cba

## Summary

### Background

The case is a Company Appeal (AT) (Insolvency) No.837 of 2024 before the National Company Law Appellate Tribunal, Principal Bench, New Delhi. The appellant, Ajay Mittal, is the Suspended Director of Arshiya Ltd. The respondent is Punjab National Bank & Anr. The appellant's counsel submitted that an earlier proposal given on 2024-05-10 was not accepted, and a fresh proposal was given to the bank. The bank's counsel stated they would obtain instructions regarding the fresh proposal.

## Facts

Ajay Mittal, the Suspended Director of Arshiya Ltd., filed a Company Appeal (AT) (Insolvency) No.837 of 2024 against Punjab National Bank & Anr. The appellant's counsel stated that a proposal made on 2024-05-10 was not accepted, and a new proposal was submitted to the bank. The bank's counsel requested time to obtain instructions from the bank regarding the new proposal. This indicates a dispute related to insolvency proceedings and a potential settlement attempt through proposals.

## Issues and analysis

### Issue 1: Whether the court should grant time to the respondent bank to obtain instructions regarding the …

**Ratio:** Courts often grant parties reasonable time to prepare and respond to proposals,

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**Reasoning:** The bank's counsel requested time to consult with the bank regarding the appellant's

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**Interpretation:** The court's willingness to grant time reflects a commitment to procedural

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**Application:** The court granted the bank's request and listed the appeal for further hearing

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## Parties

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

## Timeline

- **2024-05-10 — Appellant's P…**: Appellant gave a proposal to the…
- **2024-05-15 — Court He…**: Learned counsel for the Appellant submits that the earlier proposal given by the…

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