Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: 10 June 2026
Case Overview
This order pertains to Application No. CA(CAA)/45(CHE)2026, filed under Sections 230-232 of the Companies Act, 2013. The applicant is MPS Ltd. This is a first motion application, which is typically the initial step in seeking tribunal approval for a scheme of arrangement or compromise. During the hearing held via video conference, the Learned Counsel for the applicant, Mr. Pawan Jhabakh, informed the bench that the company had obtained the affidavit of the sole secured creditor in a connected application, CA(CAA)/49(CHE)2026.
Final Outcome
The two-member bench, comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical), granted permission to file the aforementioned affidavit. The tribunal did not make any rulings on the merits of the scheme itself. The application was adjourned and listed for its next hearing on 24 June 2026.
Topics: NCLT, Corporate Restructuring, Scheme of Arrangement