Authority: National Company Law Tribunal Division Bench (Court-I) Chennai
Order Date: 15 July 2026
Case Overview
The National Company Law Tribunal, Chennai heard arguments in the matter of C.P.(CAA)/4(CHE)2026 filed by AALAYAA Mills Pvt Ltd under Sections 230-232 of the Companies Act, 2013 regarding a compromise arrangement. The hearing was conducted through video conference before a bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical).
Representation included Mr. Pawan Jhabakh for the petitioner (AALAYAA Mills), Mr. Avinash Krishnan Ravi along with Mr. Sriram for the Resolution Professional, and Mr. Rajkumar Jhabakh for the Income Tax Department. The Registry was directed to accept the hard copy of the Resolution Professional's report and the report of the Income Tax Department.
The Resolution Professional submitted that in view of the undertaking given by the petitioner to comply with provisions of Section 240 of the Companies Act, 2013, they had no further objection to the arrangement. The Income Tax Department similarly indicated they had no objection. The petitioner had filed memos vide SR.No.3102 dated 14 July 2026 and SR.No.3065 dated 13 July 2026 in compliance with the Tribunal's observations made in its order dated 01 July 2026.
Final Outcome
The Tribunal reserved its order after hearing arguments from all parties. The final ruling on the compromise arrangement petition remains pending until the Tribunal issues its written order.
Topics: NCLT Proceedings, Corporate Restructuring, Compromise Arrangement