NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI [Arising out of Order dated 12.02.2026 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad in I.A.

No.1178(AHM)2025 in CP(IB) No.313(AHM)2025]

In the matter of:

Sunil Surendrabhai Kakkad ...Appellant Vs.

Samir Ganeshbhai Marathe & Anr. ...Respondents For Appellant: Mr. Krishnendu Dutta, Sr. Advocate with Mr.

Keith Varghese and Ms. Niharika Sharma, Advocates.

For Respondents: Mr. Ashish Verma and Mr. Nikhil Thakur, Advocates.

J U D G M E N T

(4^th May, 2026)

Ashok Bhushan, J.

This Appeal by a Bankrupt has been filed challenging the order dated

12.02.2026 passed by the Adjudicating Authority (National Company Law Tribunal) Court-2, Ahmedabad rejecting IA No.1178 of 2025 filed by the Appellant seeking direction to travel abroad from different dates in October, November, December 2025, January, February and March 2026. The Bankruptcy Trustee has filed reply to the application and opposed the prayer made by the Appellant. Adjudicating Authority heard the parties and by impugned order dated 12.02.2026 rejected the application seeking permission to travel abroad, U.A.E. Aggrieved by the order, this Appeal has been filed.

2. Certain brief facts to be noticed for deciding the Appeal:-

2.1. Personal Insolvency proceedings against the Appellant were admitted on 29.04.2024. There have been various criminal proceedings pending against the Appellant. Appellant sought leave of Gujarat High Court to travel to U.A.E for business purpose on different dates in the year 2024 to February 2025. On 10.02.2025, a U.A.E based company namely— Hypermax General Trading Company LLC issued a Purchase Order dated 10.02.2025 in favour of the Appellant for implementation of ERP and IT systems. Appellant’s case is that Appellant travelled to U.A.E during the periods March 2025 to August 2025 on the permission granted by Gujarat High Court. On 12.09.2025, the Adjudicating Authority passed an order declaring the Appellant bankrupt and issued a direction that Appellant is not permitted to travel abroad effective from 12.09.2025 without permission of the Tribunal. Appellant filed an IA No.1178 of 2025 seeking permission of the Adjudicating Authority to travel abroad for 15 days every month in October 2025, November 2025, December 2025, January 2026, February 2026 and March 2026. Appellant also filed a Company Appeal (AT) (Insolvency) No.118 of 2026 challenging the order rejecting pre-ponement application. Appeal was disposed of on 19.01.2026 observing that Adjudicating Authority to consider and dispose off the matter expeditiously. Adjudicating Authority by impugned order dated 12.02.2026 rejected the application. Aggrieved by the order rejecting the application, this Appeal has been filed.

3. We have heard Shri Krishnendu Dutta, Learned Senior Counsel for the Appellant and Shri Ashish Verma, Learned Counsel appearing for Bankruptcy Trustee.

4. Learned Counsel for the Appellant challenging the order submits that even though Appellant has been declared bankrupt, Appellant has right to travel abroad to carry on his business. Referring to Purchase Order dated 10.02.2025, it is submitted that the period for execution of the work was 13 months + 6 months. Even if the period of 13 months has elapsed still for a period of 6 months Appellant still be permitted to go to U.A.E. It is submitted that the Appellant has rendered all co-operation to the Bankruptcy Trustee and submitted documents as and when asked for in any event the Appellant will remain 15 days in India during which bankruptcy proceeding can be proceeded with. It is submitted that the Adjudicating Authority committed error in rejecting the application. On insufficient ground, Appellant was granted permission by Gujarat High Court to travel in pursuance of which Appellant travelled on several occasions and returned back to India. There is no flight risk in granting permission to the Appellant to travel. It is subm