# Venkata Chalam Varanasi, Bankruptcy Trustee vs. Mr. Upender Kumar Agarwal

> NCLAT judgment dated 6 Apr 2026. Citation: TCN-2026-NCLAT-00085. The Appellant, Venkata Chalam Varanasi (Bankruptcy Trustee), initiated an application IA…

- **Court:** NCLAT
- **Order date:** 6 Apr 2026
- **Citation:** TCN-2026-NCLAT-00085
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/venkata-chalam-varanasi-bankruptcy-trustee-vs-mr-upender-kumar-agarwal-nvqnf

## Summary

### Background

The Appellant, Venkata Chalam Varanasi (Bankruptcy Trustee), initiated an application IA (IBC) No 951/2025 in CP (IB) / 246 / 95 / HDB/2021 before the Ld. Adjudicating Authority. The application sought a direction against the Respondent, Mr. Upender Kumar Agarwal, to provide a statement of his financial position as mandated by Section 129 of the Code, read with Regulation 12 of the IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The Ld. Adjudicating Authority subsequently issued an order on 23.06.2025, directing the Respondent to provide the necessary assistance and financial statements, with a warning of appropriate action for non-compliance. Alleging non-compliance with this order, the Appellant then filed a Contempt Petition

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## Facts

Venkata Chalam Varanasi, as Bankruptcy Trustee, filed an application IA (IBC) No 951/2025 in CP (IB) / 246 / 95 / HDB/2021 seeking a direction against Mr. Upender Kumar Agarwal to furnish a statement of financial position.

The statement of financial position was mandated under Section 129 of the Code, read with Regulation 12 of the IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.

The Ld. Adjudicating Authority passed an order on 23.06.2025, directing Mr. Upender Kumar Agarwal to provide assistance and financial statements.

Alleging non-compliance with the 23.06.2025 order, the Appellant filed a Contempt Petition, Contempt Application (IBC) / 19 / 2025.

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## Issues and analysis

### Issue 1: Whether an appeal is maintainable against an order passed by a Tribunal dismissing a Contempt …

**Ratio:** An appeal against an order passed by a Tribunal in contempt proceedings under Section 425

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**Reasoning:** Section 425 of the Companies Act, 2013, grants Tribunals and Appellate Tribunals the same

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**Interpretation:** The interpretation of Section 19(1) is that it provides a specific right of

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**Application:** In the instant case, the Ld. Tribunal rejected the Contempt Petition filed by

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** Venkata Chalam…
- **Respondents:** Upender Kumar…
- **Other parties:** Contempt of…; Appealability of…; +3 more

## Timeline

- **2025-06-23 — Adjudicating Authority's…**: Ld. Adjudicating Authority passed an order in IA (IBC) / 951 / 2025, directing the…
- **2026-01-20 — Dismissal of Contempt…**: Ld. Tribunal rejected the Contempt Petition (Contempt Application (IBC) / 19 / 2025)…

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