Case Details

Case Name: V S Enterprises vs R L Logistics Pvt. Ltd.

Court/Authority: National Company Law Tribunal, Division Bench–I, Chennai

Case Number: CP(IBC)/1226/CHE/2018

Hearing Date: 25 May 2026

Application Numbers: IA(IBC)/180(CHE)/2026, IA(IBC)/498(CHE)/2026, Cont.A(IBC)/19/CHE/2025, IA(IBC)/914(CHE)/2022, IA(IBC)/609/CHE/2026

Parties Involved

Petitioner: V S Enterprises

Respondent: R L Logistics Pvt. Ltd.

Other Parties:

  • Axis Bank Ltd. (Applicant in substitution applications)
  • Equitas Small Finance Bank Ltd. (Respondent in IA/180)
  • Liquidator (represented by Shri. Kasturi Rangan S.)
  • GST Department (not represented)

Legal Counsel:

  • Shri. Kasturi Rangan S. for Applicant/Liquidator
  • Ms. Harshavardhini for Respondent/Equitas Small Finance Bank Ltd.

Tribunal Members:

  • Hon'ble Shri. Sanjiv Jain, Member (Judicial)
  • Hon'ble Shri. Venkataraman Subramaniam, Member (Technical)

Issues / Allegations / Violations

The proceedings involve multiple interlocutory applications in an ongoing insolvency case. Key issues include:

  • IA/180 involves a contempt petition filed by the Liquidator against Equitas Small Finance Bank Ltd.
  • The Supreme Court has issued a stay on coercive actions against Equitas SFB in SLP No.3382/2026 dated 16.03.2026
  • Applications seek substitution of Axis Bank Ltd. in place of the Liquidator to pursue PUFE (Preferential, Undervalued, Fraudulent, Extortionate) applications
  • IA/914 involves unexplained transactions where the promoter director failed to respond to explanations

Findings & Observations

  • The Supreme Court order dated 16.03.2026 remains in force, prohibiting coercive steps against Equitas SFB
  • The Stakeholders Consultation Committee (SCC) has resolved that PUFE applications will be pursued by Axis Bank Ltd.
  • Pleadings in Cont.A/19/CHE/2025 are complete and ready for final hearing
  • The promoter director in IA/914 failed to explain transactions as ordered on 09.04.2026

Penalties / Settlements / Directions

  • IA/180 adjourned sine die due to Supreme Court stay, with liberty to revive after Supreme Court order
  • IA/498 and IA/609 allowed - Axis Bank Ltd. substituted for Liquidator in IA/180 and Cont.A/19 respectively
  • Amended memo of parties to be filed in IA/180 and Cont.A/19
  • Cont.A/19 and IA/914 listed for final hearing on 17.07.2026
  • Liquidator directed to inform Axis Bank Ltd. of next hearing dates

Final Ruling & Enforcement

  • IA/498 and IA/609 disposed of after allowing substitution
  • Cont.A/19 and IA/914 to proceed to final hearing on 17.07.2026
  • The Supreme Court stay remains effective until further orders
  • Axis Bank Ltd. now assumes responsibility for pursuing PUFE applications