Authority: National Company Law Tribunal Kolkata Bench
Order Date: 16 June 2026
Case Overview
The matter involves an insolvency petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Financial Creditor Avadh Merchants Pvt Ltd against Corporate Debtor Surichi Distributors Pvt Ltd. During the hearing on 16 June 2026, counsel for the Financial Creditor, Ms. Simran More, informed the tribunal that she had received instructions not to press the application. This decision was based on the fact that the Corporate Debtor, Surichi Distributors Pvt Ltd, is registered as a Non-Banking Financial Company (NBFC).
Counsel for the Corporate Debtor, Mr. Rahul Auddy, confirmed that this fact regarding the NBFC status had been brought on record through a reply submission. However, the hard copy of this reply had not yet been furnished to the tribunal at the time of the hearing.
Final Outcome
The tribunal noted the Financial Creditor's withdrawal of the application and adjourned the matter to 24 June 2026 for appropriate orders. The adjournment is specifically to allow for the receipt of the hard copy of the Corporate Debtor's reply that establishes its NBFC status.
Topics: Insolvency, NBFC Regulation