Case Details
Case Name: Gayi Adi Holdings Pvt. Ltd. versus Prakash Industries Ltd.
Court/Authority: National Company Law Tribunal Chandigarh Bench (Court - II) (Special Bench)
Case Number: CP (IB) No. 91/Chd/Hry/2022
Item Number: 112
Date of Order: 20th May 2026
Legal Basis: Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016)
Parties Involved
Petitioner: Gayi Adi Holdings Pvt. Ltd.
Respondent/Corporate Debtor: Prakash Industries Ltd.
Legal Representation:
- For Petitioner: Ms. Mamta, Advocate
- For Respondent: Mr. Anand Chhibbar, Senior Advocate along with Mr. Vaibhav Sahni & Ms. Swati Vashisth, Advocates
Tribunal Members:
- Shri. Shishir Agarwal, Hon'ble Member (Technical)
- Shri. K. Biswal, Hon'ble Member (Judicial)
Issues / Allegations / Violations
The petition has been filed under Section 7 of the IBC, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Prakash Industries Ltd. The specific nature of the financial debt or default allegations are not detailed in this procedural order.
Findings & Observations
No findings, observations, or determinations of liability were made in this hearing. The matter was purely procedural without substantive discussion of the merits of the case.
Penalties / Settlements / Directions
No penalties, settlements, or substantive directions were issued in this order. The only direction was to list the matter before the Regular Bench on 14th July 2026.
Corrective Actions & Future Obligations
No corrective actions or future obligations were specified in this procedural order.
Final Ruling & Enforcement
Ruling: The Special Bench deferred the matter to the Regular Bench for further hearing.
Next Hearing Date: 14th July 2026
Status: The petition remains pending without any decision on the merits of the case. No CIRP has been initiated at this stage.
The order was signed by both tribunal members: Sd/- (Shishir Agarwal) Member (Technical) and Sd/- (K. Biswal) Member (Judicial).