SUPREME ALLOYS vs PUNJAB NATIONAL BANK on 26 October 2026

l)EItTS l{FI,COVEIiY Al'l'}Fl[,I,A1'1,] 1'RIl]t-lNAL, DIIlLIII Appcal No.2ttl12026 Arising out of M.A. No.l 1612026 ln O.A. No.17tll2026 (DII'I'-I, Delhi) M/s Suprcme Alloys l,imitcd V l'}un.iah National llank & othcrs Item No.04 26.10.2026 I lon'blc I)r. .lusticc Sudhir l(umar .lain I)rcscr-rt: Sh. Amit l)hall, Aclvocatc lbr thc appcllant Sh. I Iashtrat Nabi, Aclvocatc lor thc rcspondcnt r-ro.l through VC 'l'his nrattcr" is tal<u-r up tl-rrourgh I Iybricl hcaring. I. 'l'hc proscnt ordcr is passcd in continuatior-r o[' thc prcvious I. I llc proscnt ordcr ls passcd rn continuatior-r ol' thc prcvious ordcr dalcd 09.10.2026 whcroby Sh. Arnit [)hall, Advocatc lor thc appcllant sought titmc to filc casc laws rcgarding scction 24 of thc I{DI] Act rcgarding its applicability on thc application othcr than thc application undcr Scction 19 of thc I{DII Act.

2. Sh. Amit Dhall, Advocatc fur thc appcllant has advanocd fresh argumcnts and rcfcrrcd thc ordcr datcd 30.05.2025 passcd by Iligh Court of Dclhi in CO. l>lt'1.58712014 and statcd that whcn thc prcscnt O.A. was filcd, thc appcllant/ dofcndant no.l was undcr winding-up ordcr passcd on 23.02.2016. An Official Liquidator was also appointcd in rcspcct of thc appcllant. IIc furthcr statcd that vidc ordcr datcd 30.05.2025 thc winding-up ordcr datcd 23.02.2016 was rccallecl and Official Liquidator was ordcrcd to bc dischargcd qua thc appellant. Sh. Dhall argucd that thc DI{l' whilc passing thc impugncd ordcr datcd 1tt.0U.2026 has not considcr saicl issuc.

3. Porusal of thc impugncd ordcr datcd 1tt.0ti.2026, particularly para7, rcflccts that DIt'l' has obscrvcd that Misc. Application bcaring no.l16l2\26 was filccl on 19.06.2026 against thc final ordcr dated 21.02.2019 passcd in O.A. bcaring no.l78l2Ol6. I)R'I' has also consiclcrcd objcction that thc Official Liquidator was appointcd against thc appcllant and duc to this rcason thc appcllant was not awarc of thc O.A. procccdings. I)R'l', howcvcr, obscrvcd that as pcr thc final ordcr datcd 21.02.2019 as wcll as on thc pcrusal of thc record it appear that thc dolbndantlappellant along with othcr dcfcndants appcarcd through thcir counscl in thc O.A. prooccdings and dcspitc avaiiing scvcral opportunitics, thcy could not filc thoir writtr:n statcmont. It is also obscrvcd that cx-managomcnt was woll awarc ol tho ordcr passcd by thc IIigh Court of l)clhi. It is lurthcr obscrvcd by I)l{'l'that applicar-rt in Misc. Application bcaring no.l1612026 has lailcd to mcntion any cogcnt rcason fbr clclay in filing thc said Misc. Application for rccalling thc ordcr clatccl 21 .02.2019. 'l'lrc pcrusal of'tlrc impugnccl orclcr also rc{lccts that thc Misc. Application bcaring no.11612026 was dismisscd not only on thc ground of delay, but on thc mcrit of thc application also.

4. Sh. Ilashmat Nabi, Advocatc for thc rcspondcnt no.1 has rcfcrrcd thosc judgmcnts which wcrc filccl by thc counscl lor appcllant and stated that section 24 ol'thc Itl)ll Act docs t-tot havc any applicatiorr bcyond thc application filcd unclcr Scction l9 o1'thc I{l)l} Act.

5. It is rcflccting on rccorcl that whor thc prcsott O.A. was fllod on 15.03.201(>,by virluc of ordcr datcd 23.02.2016 passcd by thc Company Court, thc appcllant was undcr winding-up ordcr. 'I'hc winding-up ordcr datcd 23.02.2016 was rccallcd vidc ordcr datcd 30.05.2025 and thcrcaftcr, thc Ofhcial Liquidator was disohargcd qua thc appcllant. I)R'l' in thc impugncd order datcd 18.08.2026 obscrvod that thc delcndants 1 to 6 including thc appcllant appcarcd through oounscl in thc O.A. procccclings ar-rd clcspitc scvcral opportunity, thcy clid not fllc thcir writtcn stattctlct-tL. I lowcvcr, whcn tho llnal orclcr datcd 21.02.2019 was passod, no nranagcmcnt of thc clclcnc{ant no.l was in cxistcnco as its allairs was run by thc Of'flcial Licluriclzrtor. l)lt'l' in thc inrpugnocl orclcr clatcd 1tt.0U.2026 has not ctrtrsicict'cc[ thc wincling-up rlrdcr datcc] 23.02.2016 passcd by thc Oompany (lourt in thc right pcrspcctivc. Accorclingly, tl"rc impugncd ordor datcd 18.08.2016 is sct asicic ancl thc I.n. bcaring n<t.14812026 is rcrnanclccl bacl< to I)l{'l' lor licsh consiclcration etncl clisposal primarily on thc l?rct that on thc clatc ol'filing thc O.z\., thc appcllant was undcr wincling-up orclcr ancl an Ofllcial l,icluiclator was alrcady appointccl, aurcl tl-rc winding-up ordcr was rccallcd vidc orclcr datcd 30.05 .2025 and, as a conscclucncc of'which thc Ot'flcial Licl"ridator was also dischargccl.

6. 'l'hc partics couccrncd erro clircctccl to appcar bclorc I)lt'l'on 18.02.2027 k>r lirrthcr ciircction. It is maclc clcar that all l'actual and lcgal plcas ol'both thc partics arc opcn to bc tal<cn bclurc I)lt'l'. $7.2

(l) r. .Iusticc Sudhir Kumar.Iain) C'hairperson pl(