Authority: National Company Law Tribunal, Bengaluru Bench
Order Date: June 9, 2026
Case Overview
The National Company Law Tribunal (NCLT), Bengaluru Bench, comprising Hon'ble Member (Judicial) Shri Sunil Kumar Aggarwal and Hon'ble Member (Technical) Shri Radhakrishna Sreepada, heard CP (IB) No. 67/BB/2025. The petition was filed by Axis Trustee Services Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016 against ProCare Developers Pvt Ltd. Both parties were represented by their respective counsel - Shri Chintan Chinnappa for the petitioner and Ms Preeti Dixit for the respondent.
During the hearing, both parties jointly requested an adjournment on the grounds that settlement discussions are currently ongoing between them. The tribunal noted this request and allowed the adjournment to facilitate the settlement process.
Final Outcome
The NCLT granted the adjournment and listed the case for the next hearing on July 14, 2026. The matter remains pending before the tribunal while settlement talks continue between the parties.
Topics: Corporate Insolvency, Settlement Negotiations, NCLT Proceedings