Authority: National Company Law Tribunal (NCLT), Division Bench (Court–I), Chennai
Order Date: 14 July 2026
Case Overview
This proceeding concerns an insolvency petition (CP(IB)/186(CHE)/2025) filed by Axis Bank Ltd (Financial Creditor/ Petitioner) against Veremax Management Services Pvt Ltd (Corporate Debtor/ Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The hearing was held via video conference before a bench comprising Hon'ble Shri. Sanjiv Jain, Member (Judicial) and Hon'ble Shri Venkataraman Subramaniam, Member (Technical). Counsel for both parties, Mr. Bharadwaj Ramasubramaniam for the petitioner and Mr. Pawan Jhabakh for the respondent, were present. The central update provided to the tribunal was that the parties had reached a settlement agreement outside the formal insolvency process. Pursuant to this settlement, the respondent corporate debtor has already made a partial payment to the petitioner financial creditor.
Final Outcome
The respondent sought an adjournment, stating it was contemplating making the balance payment owed under the settlement within the next three weeks. On the joint request of the parties, the NCLT bench adjourned the matter. The petition has been listed for the next hearing on 07 August 2026 specifically for reporting the settlement. The outcome of the case is contingent on the respondent fulfilling its payment obligation by that date.
Topics: Insolvency Proceeding, Debt Settlement, Banking