In a short but significant hearing on Monday, the Supreme Court dismissed two civil appeals filed by GLAS Trust Company LLC, while gently clarifying that certain remarks made by the National Company Law Appellate Tribunal (NCLAT) should not prejudice the main dispute still pending before it. The bench, comprising Justices Pamidighantam Sri Narasimha and Atul S. Chandurkar, made the clarification almost as a protective measure, after both sides expressed concerns about the broader impact of the Tribunal’s earlier observations.
Background
The appeals stem from interim proceedings before the NCLAT, where GLAS Trust Company LLC had challenged directions issued in an interlocutory application-IA No. 1514 of 2025-in a company law dispute involving Shailendra Ajmera and others.
Although the exact commercial conflict wasn’t dissected in open court today, it was apparent that both factions have been engaged in a complex contest, typical of long-haul corporate and insolvency battles.
GLAS Trust’s senior counsel argued that some of the remarks made by the Tribunal, while disposing of the interim application, were sweeping and could unintentionally harden the positions in the main appeal. The respondents, represented by several senior lawyers, countered that the Tribunal merely recorded what was necessary to decide the limited issue before it.
The hearing, though brisk, drew a sizeable crowd of lawyers-partly because of the names involved and partly because interim orders in company law matters often turn into tactical turning points.
Court’s Observations
The bench did not appear inclined to reopen the interim proceedings already handled by the NCLAT. Justice Narasimha, speaking for the bench in essence, remarked, “The observations made by the Tribunal were only for disposing of that interlocutory application.”
At one point, sensing the unease of GLAS Trust’s counsel, the bench added a line of comfort. “They will not have any bearing on the final disposal of the appeals pending before the Tribunal,” the bench observed, clarifying what the parties had been arguing over.
This clarification seemed to signal that the Court did not see the interim remarks as determinative of the rights of either party. It was something like the Court saying: Don’t read more into the NCLAT’s order than what was actually required for that particular hearing.
For a moment, there was a visible shift in mood in Courtroom No. 7. Lawyers on both sides exchanged quick notes. One senior counsel nodded, almost relieved that the bench had drawn a boundary around the Tribunal’s comments.
There was no deep dive into the underlying commercial dispute, and no attempt by the Court to rewrite or reinterpret the NCLAT’s approach. The focus remained narrow-exactly as the bench intended.
Decision
With those clarifications, the Supreme Court dismissed both civil appeals.
The bench concluded simply: the appeals did not warrant interference at this stage. All pending applications-whether for stay, additional documents, or directions-were closed as a consequence.
The matter will now return to the NCLAT, where the main appeals continue independently, unaffected by today’s observations from the Supreme Court.
Case Title: GLAS Trust Company LLC v. Shailendra Ajmera & Others (Supreme Court, 2025)
Court: Supreme Court of India
Bench: Justice Pamidighantam Sri Narasimha & Justice Atul S. Chandurkar
Appeal Numbers: Civil Appeal Nos. 13149/2025 and 13151/2025
Appellant: GLAS Trust Company LLC
Respondents: Shailendra Ajmera & Others
Order Date: 03 November 2025