Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: June 10, 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard proceedings related to petition CP(CAA)/25(CHE)/2026 involving Murugappa Water Technology And Solutions Pvt Ltd. The petition was filed under Sections 230-232 of the Companies Act, 2013. The hearing was attended by multiple parties including the petitioner's representative (Mr. Pawan Jhabakh, PCS), counsel for the Income Tax Department (Mr. Rajkumar Jhabakh), counsel for the Resolution Professional (Mr. Avinash Krishnan Ravi), and the Assistant Official Liquidator along with Mr. B.Palani.
During the hearing, several reports were considered. A composite report was e-filed by the Resolution Professional, and the Registry was directed to accept the hard copy. The Income Tax Department had filed its report vide SR.No.2091 dated May 12, 2026. The Assistant Official Liquidator sought additional time of two weeks to file their report, stating that they were awaiting a report from a Chartered Accountant.
The petitioner's counsel submitted that Murugappa Water Technology And Solutions Pvt Ltd is currently in the process of complying with observations raised by the Reserve Bank of India (RBI) and is awaiting a no objection certificate from the regulatory authority.
Final Outcome
The NCLT bench comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical) adjourned the petition and listed it for next hearing on July 22, 2026. The adjournment was granted to allow time for the petitioner to complete RBI compliance requirements and for the Official Liquidator to receive the pending Chartered Accountant's report.
Topics: Corporate Insolvency, Regulatory Compliance, Legal Proceedings