# Rakesh Dalpatram Panchal vs. M/s. Kisaan Steels Pvt. Ltd. & Anr.

> NCLAT judgment dated 2026-05-11. Citation: TCN-2026-NCLAT-00184. Rakesh Dalpatram Panchal, Ex-Director of M/s Gemini Engi. Fab. Private Limited (Corporate…

- **Court:** NCLAT
- **Order date:** 11 May 2026
- **Citation:** TCN-2026-NCLAT-00184
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rakesh-dalpatram-panchal-vs-ms-kisaan-steels-pvt-ltd-anr-62956cb3

## Summary

### Background

Rakesh Dalpatram Panchal, Ex-Director of M/s Gemini Engi. Fab. Private Limited (Corporate Debtor), filed an appeal against the NCLT's order dated 24.03.2025, which admitted a Section 9 application filed by M/s. Kisaan Steels Pvt. Ltd. (Operational Creditor). The dispute arose from purchase orders for steel forgings and other materials between December 2021 and June 2022. The Appellant claimed pre-existing disputes regarding delayed delivery and defective goods, and that the NCLT misinterpreted a conditional email as an admission of debt. The Operational Creditor contended that goods were supplied, inspected, and accepted, and that the Corporate Debtor had admitted the debt through various communications and tax compliance actions.

## Facts

Rakesh Dalpatram Panchal is the Ex-Director of M/s Gemini Engi. Fab. Private Limited (Corporate Debtor).

M/s. Kisaan Steels Pvt. Ltd. is the Operational Creditor (Respondent No.1).

Mr. Pankaj Govindlal Khadloya is an Insolvency Professional (Respondent No.2).

The appeal is filed against an NCLT order dated 24.03.2025, which admitted a Section 9 application.

The Corporate Debtor and Respondent No.1 entered into several purchase orders between December 2021 and June 2022 for the supply of forgings and other materials.

The Appellant claimed Respondent No.1 failed to adhere to delivery timelines and supplied defective goods, leading to disputes.

The Appellant (Corporate Debtor) imposed penalties on Respondent No.1 for breaches, and account reconciliation was ongoing.

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## Issues and analysis

### Issue 1

**Ratio:** An operational creditor can only trigger the Corporate Insolvency Resolution Process

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**Reasoning:** The NCLAT found that the Corporate Debtor's own 'consequence sheet' detailed financial

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**Interpretation:** The existence of a dispute must be bona fide, not spurious, hypothetical,

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**Application:** Applying the principles from Mobilox Innovations and Praveen Kumar Sharma, the

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## Parties

- **Judges:** N. Sesha…; Arun Ba…; +1 more
- **Appellants:** Rakesh Dalpatram…
- **Respondents:** M/s Gemini Engi.…; M/s. Kisaan…; +1 more
- **Advocates:** Gopal…; Mahesh Ag…; +10 more

## Timeline

- **2017-05-16 — Acknowledgement…**: Respondent No.1 acknowledged delay in supply of goods as per contractual timeline vide…
- **2021-12-01 — Purchase Orders…**: Corporate Debtor and Respondent No.1 entered into several purchase orders for supply of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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