Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: 16 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard an insolvency petition filed by City Union Bank against respondent N Sivabakkiyam. The petition was filed under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016. During the hearing, the respondent's counsel, Shri. E. Om Prakash, made a significant admission that the respondent has no defence against the petition. The counsel further informed the tribunal that the respondent had already approached the petitioner bank for a settlement and that a meeting with the bank's AGM (probably referring to Authorized Signatory or senior management) was scheduled for the same day, with expectations of a settlement being reached soon.
The petitioner's counsel, Ms. K. Jayaganga, stated that she had no instructions from her client (City Union Bank) regarding this development and required time to seek instructions.
Final Outcome
The NCLT bench, comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical), adjourned the matter to 31 July 2026. This adjournment provides time for the settlement talks between City Union Bank and the respondent to progress and for the petitioner's counsel to obtain instructions regarding the proposed settlement.
Topics: Insolvency Proceeding, Bank Settlement, NCLT Hearing