Jatinder Oberoi vs Narendra Singh Chhabra And Anr & Ors

IN THE MATTER OF: Jatinder Oberoi ...Appellant

Versus

Narendra Singh Chhabra & Anr. ...Respondents

Present: For Appellant : Appearance not marked. For Respondents : Appearance not marked.

ORDER

(Hybrid Mode)

02.03.2026: Judgment in the Comp. App. (AT) (Ins) No. 536 of 2024

was delivered on 17.12.2025. Two I.As have been filed for clarification

relating to certain issues in this judgment.

I.A. No. 1265 of 2026

2. This IA has been filed by the Ld. Counsels on behalf of State Bank of

India (Intervener), wherein the following prayers have been made:

"In view of the facts and circumstances stated hereinabove, it is most respectfully prayed that this Hon'ble Tribunal may be pleased to:

(a) Clarify and/or modify the final judgment dated 17.12.2025 passed in Company Appeal (AT) (Ins.) No. 536 of 2024, to the limited extent of formally extent of recording the appearance of the Intervenor-

State Bank of India,- Adv. Harshit Khare, Adv. Prafful Saini, Adv. Ayuj Agrawal & Adv. Brijesh Gupta.

(b) Pass any other or further order(s) as this Hon'ble Tribunal may deem fit and proper in the interest of justice."

2. This IA has been filed by the Ld. Counsels on behalf of State Bank of

India (Intervener), Wherein the following prayers have been made:

3. The Learned Counsel has requested that the appearance on behalf of

Intervener State Bank of India be recorded in the judgment.

4. We have gone through the court records of appearance on 15.10.2025

and 17.12.2025 and we find that on both the dates, attendance on behalf of

Intervener has not been recorded in the court records. We have also checked

the chat box of these dates and find that no attendance is recorded on the

aforesaid dates.

5. In view of the same, it is not possible to record the names of Ld.

Counsel appearing on behalf of Intervener in the final judgment at this stage.

I.A. No. 1265 of 2026 is disposed accordingly.

I.A. No. 1072/2026

6. This I.A. has been filed on 31.01.2026 by the Ld. Counsel for

Resolution Professional. The following prayers have been made in this I.A.:

''In view of the facts and circumstances stated hereinabove, it is most respectfully prayed that this Hon'ble Appellate Tribunal may be pleased to:

(a) Clarify the judgment dated 17.12.2025 passed in Company Appeal (AT) (Ins.) No. 536 of 2024 with regard to the Fixed Deposit Receipts aggregating to Rs.

1,11,71,649/- deposited by the Appellant pursuant to interim orders passed during the pendency of the appeal.

(b) Pass appropriate directions permitting credit of such amount deposited pursuant to interim orders passed in Company Appeal (AT) (Ins.) No. 536/2024, to the CIRP account of the Corporate Debtor for meeting the ongoing Corporate Insolvency Resolution Process costs;

(c) Issue appropriate directions as to the manner in which the said amount is required to be dealt with;

(d) Pass such other or further order as this Hon'ble Appellate Tribunal may deem fit and proper in the facts and circumstances of the case."

7. In the said I.A., the Resolution Professional has sought passing

appropriate directions with regard to Fixed Deposit Receipts of Rs. 1,11,71,

649/- (Rs. One Crore Eleven Lakhs Seventy One Thousand Six Hundred

Fourty Nine Only) deposited by the Appellant pursuant to the interim orders

passed by this Tribunal during the pendency of the appeal.

8. On 15.03.2024, this Tribunal had passed the following interim order:

"The Learned Counsel for the Appellant submits that Operational Creditor had no right to initiate the proceedings under Section 9 of the IBC since the supplies was made by the company and the agreement dated 11.04.2017 the Operational Creditor had no authority to initiate Section 9 proceedings.

The Learned Counsel for the Respondent refuted the submissions and submits that it was the duty of the agent to collect the amount from the Corporate Debtor and return to the company. The Corporate Debtor having not made the payment, the Operational Creditor has every right to initiate the Section 9 application.

Submissions needs scrutiny.

The Learned Counsel for the Respondent prays for and is allowed to file Reply Affidavit within two weeks. Rejoinder, if any, may be filed within two weeks, thereafter.

List on 23.04.2024.

Subject to Appellant depositing the entire principal amount i.e. Rs.1,11,71,649/- within one month from today and the Fixed Deposited receipt may be submit before the Registrar of NCLAT. No further steps shall be taken in pursuance to the impugned order.

This deposit is without prejudice to rights and contentions of both the parties."

9. The appeal was admitted subject to the Appellant depositing the entire

principal amount i.e, Rs. 1,11,71,649/- (Rs. One Crore Eleven Lakhs Seventy

One Thousand Six Hundred Fourty Nine Only) within one month from the

date of order and the Fixed Deposit Receipt was to be submitted before the

Registrar of NCLAT. It was ordered that no further steps shall be taken in

pursuance of the impugned order.

10. The final judgment in the comp. App. (Ins) No. 536 of 2024 was

delivered on 17.10.2025 and the appeal was dismissed. Now, a prayer has

been made by RP for depositing the aforesaid FDR's in the account of

Corporate Debtor.

11. We note that the amount was deposited by the Appellant, as a

condition for grant of interim order to stay the impugned order passed by the

Learned Adjudicating Authority. The deposit made by the Appellant in such a

situation where the appeal has been dismissed, would automatically be

refunded to the party which has deposited the same with the Registrar of NCLAT. Accordingly, we direct that the Fixed Deposit Receipts deposited with

the Registrar NCLAT be returned to the appellant. With these clarifications,

the I.A. No. 1072/2026 is disposed.

[Justice Yogesh Khanna] Member (Judicial)

[Indevar Pandey] Member (Technical)

mt/rr