Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: June 10, 2026
Case Overview
The hearing concerned Company Petition No. CP(CAA)/6(CHE)/2026, filed by Luckyyarn Tex India Pvt Ltd under Sections 230-232 of the Companies Act, 2013, which pertain to compromises, arrangements, and amalgamations. The petition represents a proceeding for the approval of a scheme of arrangement. The petitioner was represented by counsel Mr. Pawan Jhabakh. The Resolution Professional (RD) was represented by counsel Mr. Avinash Krishnan Ravi. The Income Tax Department was represented by counsel Mr. Rajkumar Jhabakh. A report from the Resolution Professional had been e-filed prior to the hearing.
The Tribunal noted the submissions from the counsels. The counsel for the Income Tax Department, Mr. Rajkumar Jhabakh, submitted that his client had no objection to the proposed scheme. He further undertook to file a formal reply on behalf of the department within two days.
Final Outcome
The Tribunal issued three key directions: 1) The Registry was directed to accept the hard copy of the Resolution Professional's report. 2) The petitioner was directed to file a response to the Resolution Professional's report within one week. 3) The petition was adjourned and listed for its next hearing on July 1, 2026. The order was signed by both members of the bench, Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical).
Topics: NCLT Proceeding, Corporate Restructuring