Utkrishtha Law Offices represented Dhaval Agri Exports LLP & Ors. before the Hon’ble National Company Law Appellate Tribunal, Principal Bench, New Delhi, in proceedings arising under the Insolvency and Bankruptcy Code, 2016 concerning transactions with a company undergoing liquidation.
By order dated 24 February 2026, the Hon’ble NCLAT extended the benefit of an interim order already operating in a connected appeal to Dhaval Agri Exports LLP and the other appellants, who were specifically noted to be third parties. The Tribunal also permitted the impleadment of Punjab National Bank, the financial creditor, in view of the decision that the financial creditor would pursue the proceedings.
The matter raises important questions concerning the treatment of third-party commercial transactions in avoidance proceedings under the IBC and the circumstances in which relief can be pursued against parties dealing with a corporate debtor.
Adv. Shubham Jain appeared on behalf of Dhaval Agri Exports LLP & Ors. before the Hon’ble NCLAT, New Delhi.