Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: 15 June 2026
Case Overview
The matter involves an insolvency proceeding (CP(IBC)/235(CHE)/2025) between V A Jayachandran (Applicant) and Canara Bank (Respondent). During the hearing held via video conferencing, the counsel for Canara Bank reported that the property in question had been put up for auction but received no bidders. The bank is currently awaiting instructions from its head office regarding the reserve price for a subsequent auction.
Final Outcome
The Tribunal granted Canara Bank two weeks to file its reply regarding the reserve price instructions. The applications (IA(IBC)/715(CHE)/2026 and Rst.A (IBC)/1(CHE)/2026) have been adjourned and listed for next hearing on 30 June 2026.
Topics: Insolvency Proceeding, Bank Auction