Authority: National Company Law Tribunal, New Delhi Court-IV (Special Bench)
Order Date: 15 July 2026
Case Overview
The National Company Law Tribunal (NCLT) heard two interconnected applications related to the insolvency and liquidation proceedings of M/s. Saubhagya Ornaments Pvt. Ltd. The main proceeding (IB/114/ND/2018) was initiated under Section 9 of the Insolvency & Bankruptcy Code, 2016 by operational creditor M/s. SRS Ltd. against the corporate debtor M/s. Saubhagya Ornaments Pvt. Ltd.
The first application (New IA (Liq.) Progress Report /382/ND/2026) was filed under Regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. This application sought to place on record the 20th Progress Report of the liquidation process. The liquidator was represented by advocates Ms. Vanshika Gupta and Ms. Niyati Chhabra.
The second matter (IA/1187/ND/2023) involved representation from the Income Tax Department, represented by Advocate Puneet Rai (SSC) and Advocate Nikhil Jain, along with the liquidator's representatives.
Final Outcome
The NCLT admitted the 20th Progress Report subject to all just exceptions and directed it to be placed with the main file for further reference. The application (New IA (Liq.) Progress Report /382/ND/2026) was allowed and disposed of. The separate matter (IA/1187/ND/2023) was adjourned and listed for hearing on 12 August 2026 before the Regular Bench.
Topics: Insolvency Proceedings, Liquidation Process, NCLT Order