Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: 06 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard two interim applications (IAs) related to the main insolvency petition IBA/757/2019 filed by State Bank of India against Coastal Energen Pvt Ltd. The hearing was conducted through video conference before a bench comprising Member (Judicial) Shri Sanjiv Jain and Member (Technical) Shri Venkataraman Subramaniam.
For application IA(IBC)/1448/CHE/2025, the respondents (R1, R2, R3) had filed replies, with the reply from R1 filed vide SR.No.4153 dated 29.09.2025 and replies from R2 and R3 filed vide SR.No.286 dated 23.01.2026. The applicant claimed non-receipt of these replies. The Tribunal directed the registry to accept the reply filed by the Committee of Creditors (CoC) and ordered that a copy be served again on the applicant. This application was adjourned to 10.08.2026 for hearing.
For application IA(IBC)/2034(CHE)/2024, filed by a dissenting creditor, arguments were partly heard. The Tribunal directed the Learned Counsel for the Chairman of the Monitoring Committee, Mr. T.Ravichandran, to file the minutes of the Monitoring Committee meeting where the decision regarding payment to the dissenting creditor was taken. This application was also adjourned to 10.08.2026 for further hearing.
Final Outcome
Both interim applications were adjourned to August 10, 2026, for further hearing. The Tribunal issued specific procedural directions for each application: accepting and serving the CoC's reply in IA/1448/CHE/2025 and requiring the submission of Monitoring Committee minutes regarding dissenting creditor payments in IA/2034/CHE/2024.
Topics: Corporate Insolvency, Dissenting Creditor Rights