Authority: National Company Law Tribunal, Jaipur Bench
Order Date: June 16, 2026
Case Overview
The National Company Law Tribunal (NCLT) Jaipur Bench heard CP No. (IB)-67/9/JPR/2025, an insolvency petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was filed by operational creditor M/s Behari Lal Sons against corporate debtor Elegance Tmt Pvt. Ltd. for recovery of defaulted payments. During the proceedings, the corporate debtor's counsel, acting on instructions from one of the company's directors who was present in person, stated their willingness to pay the entire defaulted amount by September 30, 2026. The counsel presented a demand draft amounting to ₹20 lakhs along with post-dated cheques for the stated amount. The operational creditor's counsel countered that the amount should include interest as stipulated in various invoices and as the petition had been pending since 2025. The operational creditor indicated willingness to resolve the matter if payment was made within one month.
Final Outcome
The NCLT bench comprising Judicial Member Ms. Reeta Kohli and Technical Member Ms. Kavita Bhatnagar adjourned the matter to July 21, 2026, directing both parties to seek proper instructions regarding the settlement terms, particularly concerning the inclusion of interest and the payment timeline.
Topics: Insolvency Proceedings, Debt Settlement, NCLT Order