Mr. Abhay Narayan Manudhane vs My Palace Mutually Aided Cooperative Society

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2026 Supreme(Online)(NCLT) 623

NATIONAL COMPANY LAW TRIBUNAL
Sushil Mahadeorao Kochey, Member (Judicial)
Mr. Abhay Narayan Manudhane – Appellant
Versus
My Palace Mutually Aided Cooperative Society – Respondent

Advocates:
Mr. Chaitanya Chavan a/w Mr. Sagar Parab, Mr. Darshan Suvarna, Mr. C.G. Shanker
For Unity Small Finance Bank Ltd: Mr. Shyam Kapadia a/w Ms. Naveli Reshamwala
Mr. Chetan Kapadia, Sr. Advocate a/w Mr. Rohan Agarwal, Ms. Sabeena Mahadik and Mr. Pankaj Uttaradhi
For the Respondent No. 3: Mr. Ranjeev Carvalho a/w Mr. Sunil Humbre, Mr. Pankaj Uttaradhi

Table of Content
1. jurisdiction reference and hearing procedures. (Para 1 , 2 , 3)
2. discrepancy in judicial opinions on jva. (Para 4 , 12)
3. summary of reliefs sought by parties. (Para 5)
4. arguments for corporate debtor's rights. (Para 6 , 7 , 8 , 9 , 10)
5. repudiation and contractual disputes require trial. (Para 11 , 13)
6. interim relief need linkage to final relief. (Para 14 , 15 , 18)
7. nclt cannot adjudicate out-of-scope issues. (Para 19 , 20 , 21)
8. rights must be established by competent court. (Para 22 , 23)
9. jurisdiction issue in granting substantive relief. (Para 24 , 29 , 30)
10. final order of dismissal and vacating interim relief. (Para 32)

ORDER

1) This is a reference under Section 419 (5) of the Companies Act, 2013 , appointing Third Member by the Hon’ble President, National Company Law Tribunal, pursuant to the directions of the Hon’ble National Company Law Appellate Tribunal issued on 18.09.2025, in Company Appeal (AT) (INS) No. 1776 & 1777 of 2024.

2) Members of Court 3 of NCLT, Mumbai Bench, have decided two Interlocutory Applications i.e. IA 3781 of 2023, filed by the Resolution Professional, acting on behalf of the Corporate Debtor, viz. Housing Development and

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2026 Supreme(Online)(NCLT) 623

NATIONAL COMPANY LAW TRIBUNALSushil Mahadeorao Kochey, Member (Judicial)Mr. Abhay Narayan Manudhane – AppellantVersusMy Palace Mutually Aided Cooperative Society – Respondent

Cases Referred (3)

NATIONAL COMPANY LAW TRIBUNAL
Sushil Mahadeorao Kochey, Member (Judicial)
Mr. Abhay Narayan Manudhane – Appellant
Versus
My Palace Mutually Aided Cooperative Society – Respondent