Authority: National Company Law Tribunal (NCLT), Division Bench (Court–I), Chennai
Order Date: 14 July 2026
Case Overview
This hearing concerned an application (IA (LIQ.) PROGRESS REPORT/288(CHE)2026) filed by the Liquidator, Mr. Ramakrishnan Sadasivan, to submit the 20th Progress Report for the liquidation of Coastal Energy Pvt Ltd for the quarter ended 30 June 2026. The main insolvency petition was C.P. (IB)/624(CHE)2019, initiated by Indian Overseas Bank against the company. The Liquidator reported that the corporate liquidation process itself was complete. However, a final application for the company's dissolution could not be filed because a separate order issued by the tribunal, which directed ICICI Bank to release the title deed of an auctioned property, has been challenged before the National Company Law Appellate Tribunal (NCLAT). The NCLAT has reserved its order on that matter.
Final Outcome
The NCLT bench, comprising Member (Judicial) Shri Sanjiv Jain and Member (Technical) Shri Venkataraman Subramaniam, took the 20th Progress Report on record and disposed of the application. The tribunal's order to dissolve the company remains on hold pending the final outcome of the appeal before the NCLAT concerning ICICI Bank and the title deed.
Topics: Insolvency, Legal Appeal