Authority: National Company Law Tribunal, Division Bench–I, Chennai
Order Date: June 9, 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard an application (IA(IBC)/921(CHE)2026) filed in the main petition CP(IBC)/272/CHE/2024. The matter involves IDBI Bank Ltd. as the petitioner seeking initiation of insolvency proceedings against Shri Venkatasubramanian Raman, who is a personal guarantor. The application specifically sought to take on record the report of the Interim Resolution Professional (IRP) which recommends the initiation of these insolvency proceedings against the personal guarantor.
Final Outcome
The Tribunal noted that the hard copy of the IRP's report had not been filed to date. The Learned Counsel for the Petitioner/IRP, Ms. Siddhi Butala, submitted that the IRP had been travelling and would be able to file the report after two days. The bench, comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical), ordered that the hard copy be filed. The Tribunal further directed that a copy of the report be served on the parties involved to enable them to file their reply or objection by the next hearing date scheduled for July 20, 2026. The proceeding was adjourned accordingly.
Topics: Insolvency Proceedings, Personal Guarantor, Banking Debt