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 K P Natarajan under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The petition was registered as CP(IB)/124(CHE)/2026. During the hearing conducted via video conferencing, the respondent's counsel, Shri E. Om Prakash, submitted that the respondent has no defense against the petition and has already approached the petitioner bank for settlement. He further indicated that a meeting with the bank's Assistant General Manager (AGM) was scheduled for the same day, with expectations that the matter would be settled soon. The petitioner's counsel, Ms. K. Jayaganga, stated that she had no instructions from her client at the time of hearing and needed to seek further instructions.
Final Outcome
The NCLT bench comprising Member (Judicial) Shri Sanjiv Jain and Member (Technical) Shri Venkataraman Subramaniam adjourned the case to 31 July 2026 to allow both parties to pursue settlement discussions and for the petitioner's counsel to obtain instructions from City Union Bank.
Topics: Insolvency Proceeding, Banking Dispute, Settlement Negotiations