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IN THE HIGH COURT OF KERALA AT ERNAKULAM
VIJU ABRAHAM, J
RAJEEV V K – Appellant
Versus
STATE OF KERALA – Respondent
| Table of Content |
|---|
| 1. challenge against nclt orders based on loan defaults. (Para 1 , 2) |
| 2. court's view on pending appellate proceedings. (Para 3) |
| 3. final ruling dismissing the writ petition while allowing future appeals. (Para 4) |
JUDGMENT
Dated this the 24th day of February, 2026 Above writ petition is filed challenging Ext.P16 order dated
16.04.2025 and Ext.P18 order dated 17.07.2025 issued by the National Company Law Tribunal, Kochi. Petitioner has also sought for stay of operation of Ext.P16 order.
2. Petitioner is one of the suspended Directors of the 4th respondent company. The 3rd respondent KSIDC sanctioned a loan of Rs.7,94,90,000/- to the petitioner’s company. Due to the flood that occurred across the State of Kerala, there was some default in payment of the loan amount. Thereupon, insolvency application under Section 7 of the Insolvency and Bankruptcy Code was filed by the 3rd respondent before the NCLT, Kochi. While further proceedings were initiated before the NCLT by the 3rd respondent based on the judgments of this Court, the OTS proposal was accepted by the 3rd respondent and thereupon the 3rd respondent application to withdraw Section 7 insolvency application filed befor
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