The National Company Law Appellate Tribunal (NCLAT), Principal Bench at New Delhi, has dismissed an appeal filed by assessee, suspended Director, and upheld the order of the National Company Law Tribunal (NCLT), Mumbai Bench, admitting a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC).
The Appellant, Siddharth Satish Katariya, had challenged the NCLT’s order dated 07.01.2025, whereby the Adjudicating Authority had admitted Superfine Extrusions Pvt. Ltd. (Corporate Guarantor) into the Corporate Insolvency Resolution Process (CIRP) for a financial default amounting to ₹94.71 crore.
A consortium of banks, led by the Central Bank of India, had extended various credit facilities to…