Authority: National Company Law Tribunal, Division Bench – II, Chennai
Order Date: July 13, 2026
Case Overview
The National Company Law Tribunal (NCLT), Chennai Bench, heard matters related to the corporate insolvency resolution process of AKS Alloys Pvt Ltd, initiated by financial creditor Prudent ARC Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition is registered as CP(IBC)/144/(CHE)2023. Three interlocutory applications (IAs) were listed for hearing:
- IA(IBC)(Plan)/5/(CHE)2026: Filed under Section 30 of IBC, 2016 by the Resolution Professional (RP), Piyush Kisanlal Jani, concerning the resolution plan.
- IA(I.B.C)/1916(CHE)2025: Filed under Section 66 of IBC, 2016 by the RP, Piyush Kishanlal Jani, against Nemichand Kothari & 7 Others, pertaining to fraudulent or wrongful trading.
- IA(I.B.C)/1745(CHE)2025: Filed under Section 14 read with Section 25(2) of IBC, 2016 by the RP, Piyush Kishanlal Jani of AKS Alloys Pvt Ltd, against Sanjay Kumar Sharma.
The counsel for the Resolution Professional, Mr. Jerin Asher Sojan, was present but sought an adjournment for all three applications on the grounds that the arguing counsel was not available.
Final Outcome
The NCLT bench, comprising Member (Judicial) Shri. Jyoti Kumar Tripathi and Member (Technical) Shri. Ravichandran Ramasamy, granted the adjournment. All three applications have been listed for the next hearing on July 28, 2026. No substantive orders were passed on the merits of any application.
Topics: Insolvency Proceeding, NCLT Hearing, Adjournment