Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: 10 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard petition CP(CAA)/17(CHE)/2026 filed by Ambadi Investments Ltd under Sections 230-232 of the Companies Act, 2013. 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 (Ld. PCS) for the petitioner Ambadi Investments Ltd, Mr. Rajkumar Jhabakh (Ld. Counsel) for the Income Tax Department, and Mr. Avinash Krishnan Ravi (Ld. Counsel) for the Resolution Professional. The Assistant Official Liquidator appeared in person along with Mr. B.Palani.
The Resolution Professional had e-filed a composite report, which the registry was directed to accept in hard copy. The Income Tax Department had filed its report vide SR.No.2089 dated 12 May 2026. The Assistant Official Liquidator sought and was granted two weeks' time to file a report, stating that input from a Chartered Accountant was still awaited.
The petitioner's counsel submitted that Ambadi Investments Ltd is 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, pending compliance with RBI observations and submission of reports by the concerned parties.
Topics: NCLT Proceeding, Corporate Restructuring, Regulatory Compliance