Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 15 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard matters related to insolvency proceedings against personal guarantor Sreedevi Jayachandran involving Canara Bank. The hearing addressed two applications: IA(IBC)/703(CHE)/2026 and RST.A(IBC)/2(CHE)/2026. During the proceedings, Canara Bank's counsel reported that an auction of the personal guarantor's property had already been conducted on June 9, 2026. The bank confirmed that the Earnest Money Deposit (EMD) had been received from the successful bidder, with the remaining balance payment expected to be completed shortly.
Final Outcome
The NCLT bench comprising Member (Judicial) Sanjiv Jain and Member (Technical) Venkataraman Subramaniam adjourned the hearing and listed both applications for further consideration on June 30, 2026. The matter remains pending before the tribunal awaiting completion of the auction payment process.
Topics: Insolvency Proceedings, Bank Recovery, Personal Guarantee