Authority: National Company Law Tribunal (NCLT), Ahmedabad Bench - Court 2
Order Date: 15 July 2026
Case Overview
The National Company Law Tribunal (NCLT), Ahmedabad Bench, heard a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The corporate insolvency resolution process was initiated by IOL Chemicals Pharmaceuticals Limited (Applicant) against Prizam Alliance Private Limited (Respondent). During the hearing, the learned counsel for the applicant, Mr. Pranjal Buch, submitted that the applicant had complied with an earlier order of the tribunal. The respondent, Prizam Alliance Private Limited, was not represented in the proceedings and had filed no reply to the petition, leading the tribunal to proceed ex-parte.
Final Outcome
The bench, comprising Member (Judicial) Mrs. Chitra Hankare and Member (Technical) Dr. Velamur G Venkata Chalapathy, reserved its order. The final ruling on the admission or rejection of the Section 9 insolvency petition is pending.
Topics: Insolvency, Pharmaceuticals, NCLT