In a recent ruling, the National Company Law Appellate Tribunal (NCLAT), Chennai, dismissed two appeals filed by the appellant, a former director and personal guarantor of Sri Ananda Lakshmi Narasimha Industries India Pvt Ltd., challenging the extension of the company’s liquidation period and the continuation of its bankruptcy trustee beyond the age of 70.
The appellant Chavva Naga Sampathi Tayaru argued that the Amaravati Bench of the NCLT had exceeded its powers under Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016 by granting a one‑month extension from April 18 to May 17, 2026 after an earlier four‑month extension had already expired. He further…