# Yashwant Lalchand Sangla & Ors. vs. Manish Baldeva & Ors.

> NCLAT judgment dated 2026-09-10. Citation: TCN-2026-NCLAT-00261. The appellants, who are suspended directors of Linkson International Ltd. (Corporate Debtor),…

- **Court:** NCLAT
- **Order date:** 10 Sept 2026
- **Citation:** TCN-2026-NCLAT-00261
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/yashwant-lalchand-sangla-vs-linkson-international-ltd-a0vua

## Summary

### Background

The appellants, who are suspended directors of Linkson International Ltd. (Corporate Debtor), filed an appeal against an NCLT order dated February 23, 2024. This order partly allowed the liquidator's application, which was based on a forensic audit report. The report highlighted fraudulent financial acts, siphoning of funds, and fictitious cash expenses by the CD's ex-directors/promoters. The NCLT directed the appellants to contribute ₹437.02 lakhs to the corporate debtor.

## Facts

Appellants are suspended directors of Linkson International Ltd. (Corporate Debtor).

The appeal challenges an NCLT order dated February 23, 2024, which partly allowed the liquidator's application.

The NCLT directed the appellants to contribute, jointly or severally, ₹437.02 lakhs to the corporate debtor.

Linkson International Ltd. was subjected to CIRP based on a petition filed by Punjab National Bank.

Manish Baldeva was appointed IRP, then RP, and subsequently liquidator of the CD on July 20, 2018.

The liquidator appointed ADB and Associates, Chartered Accountants, on July 25, 2019, to conduct a forensic audit.

The forensic audit report was submitted on October 4, 2019.

Based on the audit report, the liquidator filed IA No. 1568 of 2020.

…

## Issues and analysis

### Issue 1: Whether the impugned order passed by the Ld. Adjudicating Authority was ex parte and without …

**Ratio:** The NCLAT found that the appellants were provided fullest possible opportunity to contest

…

**Reasoning:** Despite claims of life-threatening illnesses and the COVID-19 pandemic, the NCLAT

…

**Interpretation:** The court emphasizes the responsibility of parties to appear and present their

…

**Application:** The NCLAT applied this principle to dismiss the appellant's argument of an ex

…

## Parties

- **Judges:** Mohd. Faiz Alam…; Arun Baroka…
- **Appellants:** Yashwant Lalchand…; Appellant…
- **Respondents:** Linkson Internatio…; Manish Baldeva…; +5 more
- **Other parties:** Punjab National…; Manish Ba…
- **Advocates:** Gaurav H.…; Kartik N…; +4 more

## Timeline

- **2017 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Linkson International…
- **2018-07-20 — Liquidator App…**: Manish Baldeva appointed as Interim Resolution Professional (IRP), later confirmed as…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/yashwant-lalchand-sangla-vs-linkson-international-ltd-a0vua