Case Details
Case Name: Canara Bank vs M/s. Versatile Pharma Pvt Ltd.
Court/Authority: National Company Law Tribunal, Hyderabad Bench - 1
Case Number: CP (IB) No. 65/7/HDB/2023 and IA (IBC) 1499/2025
Date of Hearing: 20-05-2026
Nature of Proceeding: Hearing held in VC and Physical (Hybrid) Mode
Parties Involved
Financial Creditor: Canara Bank
Corporate Debtor: M/s. Versatile Pharma Pvt Ltd.
Tribunal Members: Sh. Rajeev Bhardwaj (Hon'ble Member - Judicial), Sh. Sanjay Puri (Hon'ble Member - Technical)
Legal Representatives: Ms. JVL Bharathi (Counsel for Applicant), Mr. G Bhupesh (Counsel for Respondent No.2)
Issues / Allegations / Violations
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by Canara Bank (Financial Creditor) against Versatile Pharma Pvt Ltd. (Corporate Debtor). The specific allegations or violations are not detailed in this particular order document, which primarily records procedural aspects of the hearing.
Findings & Observations
No substantive findings or observations on the merits of the case are recorded in this order. The document serves as a procedural record of the hearing conducted on 20-05-2026.
Penalties / Settlements / Directions
The Tribunal issued procedural directions:
- Respondent to file counter within four weeks
- Rejoinder, if any, to be filed within two weeks thereafter
- Matter adjourned to 08.07.2026 for further hearing
Corrective Actions & Future Obligations
No corrective actions or future obligations are specified in this procedural order beyond the filing schedule for counter and rejoinder pleadings.
Final Ruling & Enforcement
No final ruling has been issued in this matter. The case remains pending with the next hearing scheduled for 08.07.2026. The order represents an interim procedural direction rather than a final determination of the case.