Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 10 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai Division Bench heard matters related to Company Petition CP(CAA)/18(CHE)/2026 involving Ambadi Enterprises Ltd. The petition appears to be filed under Sections 230-232 of the Companies Act, 2013, which typically deal with schemes of arrangement, compromise, or reconstruction. Multiple parties were represented during the hearing: Mr. Pawan Jhabakh (PCS) for the petitioner, Mr. Rajkumar Jhabakh for the Income Tax Department, Mr. Avinash Krishnan Ravi for the Resolution Professional (RD), and the Assistant Official Liquidator along with Mr. B.Palani.
The Resolution Professional had filed a composite report electronically, and the registry was directed to accept the hard copy. The Income Tax Department had already filed its report vide SR. No. 2101 dated 13 May 2026. The Assistant Official Liquidator sought and was granted two weeks' additional time to file their report, citing that they were awaiting a report from a Chartered Accountant. The petitioner's counsel submitted that Ambadi Enterprises Ltd is currently in the process of complying with observations raised by the Reserve Bank of India (RBI) and is awaiting a no objection certificate from the regulator.
Final Outcome
The NCLT bench adjourned the petition and listed it for next hearing on 22 July 2026. The matter remains pending until the various reports are filed and the petitioner completes its compliance with RBI observations.
Topics: NCLT Proceedings, Corporate Restructuring, Regulatory Compliance