Authority: National Company Law Tribunal, Bengaluru Bench
Order Date: 22 June 2026
Case Overview
This matter concerns a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Shahi Exports Pvt Ltd (Petitioner) against Ace Turtle Omni Pvt Ltd (Respondent/Corporate Debtor). The specific application being heard was IA (IBC) 578/2026 in CP(IB) No. 111/BB/2025. During the hearing, the respondent sought a pass-over to enable a Senior Counsel to appear and address the case, citing a related application (IA 570/2026) that had been filed. The bench, comprising Judicial Member Shri Sunil Kumar Aggarwal and Technical Member Shri Radhakrishna Sreepada, noted that the respondent had already concluded arguments on admission and was attempting to get a "second chance through the backdoor."
Final Outcome
The Tribunal deferred the matter to 25 June 2026. It imposed a cost of ₹2,00,000 (Two Lakh Rupees) on the respondent, Ace Turtle Omni Pvt Ltd, for frustrating the purpose of the day's hearing by seeking multiple pass-overs. The cost must be deposited into the Prime Minister National Relief Fund, and proof of deposit (receipt) must be submitted to the Tribunal.
Topics: Insolvency Petition, NCLT Proceeding, Cost Imposition