The Principal Bench of the National Company Law Appellate Tribunal (NCLAT), has rejected an appeal filed by Aditya Bhatnagar, former promoter and shareholder of Xyron Technologies Ltd., challenging the admission of a Section 7 insolvency petition against the company by the National Company Law Tribunal (NCLT).
In a detailed order dated May 30, 2025, the Appellate Tribunal also dismissed a similar plea by Abhinav Bhatnagar in connection with Extol Industries Ltd., another company promoted by the same group. Both entities had been admitted into Corporate Insolvency ResolutionProcess (CIRP) by a common order dated March 24, 2025, passed by the NCLT following default claims raised by the Bank of Baroda.
The appellants…