Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 18 June 2026
Case Overview
This matter involves an interlocutory application (IA(IBC)/962(CHE)2026) filed in the main insolvency petition CP(IBC)/211/CHE/2022 between Ambal Agencies and Sargam Metals Pvt Ltd. The application was filed by the Resolution Professional seeking exclusion of time from the Corporate Insolvency Resolution Process (CIRP) period. The specific period for exclusion is from 11 December 2024 to 21 April 2026, totaling approximately 500 days, during which an interim stay was granted by the National Company Law Appellate Tribunal (NCLAT). The matter was heard by a Division Bench consisting of Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical). The Resolution Professional was represented by Learned Counsel Ms. Asmaa during the hearing held via video conferencing.
Final Outcome
The NCLT Division Bench did not rule on the merits of the application during this hearing. Instead, the bench listed the application for hearing on 25 June 2026, which was already a date fixed for other related applications in the same matter. The order effectively adjourns the consideration of the time exclusion request to the next hearing date.
Topics: Insolvency Proceedings, NCLAT Stay, CIRP Timeline