Authority: National Company Law Tribunal Allahabad Bench Prayagraj, Division Bench (Sh. Praveen Gupta, Hon'ble Member (Judicial) and Sh. Ashish Verma, Hon'ble Member (Technical))
Order Date: 9th October, 2026
Case Overview
The National Company Law Tribunal (NCLT) Allahabad Bench heard CP (IB) No.122/ALD/2026, an insolvency petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The financial creditor, Mizuho Capsave Finance Pvt Ltd, has initiated proceedings against the corporate debtor, Foxsky Electronics India Pvt Ltd. Sh. Rohan Mahadik, Advocate, appeared for the financial creditor during the hearing.
The tribunal has taken cognizance of the application and initiated the formal admission process. The order directs the registry to issue notices to the respondent/corporate debtor (Foxsky Electronics India Pvt Ltd). The learned counsel for the financial creditor is permitted to collect the notice and serve it on the corporate debtor through both email and speed post. The counsel must file proof of service, including the postal receipt and corresponding tracking report, along with an affidavit of service within three days from the date of service or before the next hearing date, whichever is earlier.
The corporate debtor is granted one week from the date of receipt of notice to file its reply, with an advance copy to be supplied to the financial creditor's counsel. Subsequently, the financial creditor may file a rejoinder within another week, with an advance copy to be supplied to the corporate debtor's counsel.
Final Outcome
The matter has been adjourned for further hearing on 30th October, 2026. The petition remains at the preliminary stage of admission, with no determination on the merits of the case at this time.
Topics: Insolvency Proceeding, NCLT Admission, Corporate Debtor