Case Details

Case Name: Nectar vs Srivari Metal Works Pvt Ltd

Court/Authority: National Company Law Tribunal, Division Bench (Court–I) Chennai

Main Petition Number: CP(IBC)/549/CHE/2017

Application Number: IA(IBC)/780(CHE)/2026

Date of Hearing: 25.05.2026

Date of Order: 25.05.2026

Presiding Members: Hon'ble Shri. Sanjiv Jain (Member Judicial), Hon'ble Shri. Venkataraman Subramaniam (Member Technical)

Parties Involved

Applicant/Liquidator: Represented by Ld. Counsel Ms. Deepa Mariappan

Corporate Debtor: Srivari Metal Works Pvt Ltd (in liquidation)

Other Entities Mentioned: Punjab National Bank (PNB), ISARC

Issues / Allegations / Violations

The application was filed seeking extension of the liquidation timeline for a further period of six months till 31.10.2026. The primary reason for extension was the incomplete asset realization process.

Findings & Observations

The Tribunal noted that:

  • Plant and machinery in respect of Byramangala property have been auctioned
  • Partial payment has been received from the auction
  • The timeline for making balance payment is up to August 2026
  • Land having value of about ₹24.0 Crores is yet to be auctioned
  • The Liquidator needs to collect original title deeds and parent documents from PNB
  • The Liquidator needs to obtain NOC from PNB/ISARC
  • The Liquidator needs to arrange cancellation of MOD (Memorandum of Deposit) with the consent of SRO (Sub-Registrar Office)

Penalties / Settlements / Directions

The Tribunal directed that:

  • The Liquidator must start the process of document retrieval and complete it by 03.07.2026
  • Only after completing this process may the Liquidator move another application seeking further extension if required
  • The liquidation timeline is extended until the completion of these tasks

Final Ruling & Enforcement

The application (IA) was disposed of with the above directions. The liquidation process will continue with the extended timeline to allow for completion of the asset realization process, particularly the auction of the remaining land asset valued at ₹24 crore and the collection of outstanding payments for the plant and machinery already auctioned.