Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai
Order Date: 16 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard an application (IA(I.B.C)/1194(CHE)2026) in the matter of Central Bank of India versus Ramesh Narayanan (Main Petition Number: C.P. (IB)/317(CHE)2025). The application was filed to take on record the third progress report for the quarter ended 30 June 2026 in the bankruptcy process of the personal guarantor. The Bankruptcy Trustee, Shri. Chandrasekhar Sagutoor, appeared in person and reported that a property jointly owned by husband and wife had been auctioned by the secured creditor, with partial payment already realized from this auction process.
Final Outcome
The NCLT disposed of the application and took the progress report on record subject to all just exceptions. The bench comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical) signed the order, acknowledging the progress made in the bankruptcy process.
Topics: Bankruptcy Proceedings, NCLT Order, Secured Creditor Recovery