Authority: National Company Law Tribunal, Bengaluru Bench (Special Bench)
Order Date: 06 July 2026
Case Overview
The National Company Law Tribunal, Bengaluru Bench heard matters IA (IBC) 618/2026 and 628/2026 in CP(IB) No. 312/BB/2025. The petition was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 by Mrs. Madhu S against Hinduja Leyland Finance Limited. The Special Bench comprised Hon'ble Member (Judicial) Shri. Sunil Kumar Aggarwal and Hon'ble Member (Technical) Shri. Banwari Lal Meena.
During the hearing, the Tribunal noted that while the Resolution Professional's (RP) report was available, the condonation of delay application was not physically present in the file, though the RP insisted it had been filed. The registry was directed to place the application in the file. The RP was directed to file an affidavit of service of the report and condonation of delay application.
The Tribunal directed all petition parties to file replies/objections to the RP report and condonation of delay application within three weeks, with copies to the RP. The RP was given the opportunity to file a rejoinder within another three weeks, with copies to concerned parties.
A significant development was the RP's statement that the petitioner/petitioning creditor had failed to make the initial payment as previously directed by the Tribunal. The petitioner's counsel acknowledged this default and expressed regret, proposing to make the payment without further delay.
Final Outcome
The matter was adjourned and listed for the next hearing on 27 August 2026. The procedural directions regarding filing of replies and the petitioner's commitment to make the outstanding payment to the RP represent the immediate outcomes of this order.
Topics: Insolvency Proceeding, NBFC, Corporate Debt