Authority: National Company Law Tribunal (NCLT), Court-V, Mumbai Bench
Order Date: 09 June 2026
Case Overview
This matter pertains to an Interlocutory Application (IA/1605/2026) filed within the main insolvency petition (C.P. (IB)/294(MB)2025). The petition was initiated by Punjab National Bank against corporate debtor Damara Gold Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application in question was filed by the Resolution Professional (RP), who sought directions against the respondents to deposit an amount allegedly debited from the corporate debtor's bank account in violation of the moratorium imposed under the Code.
The tribunal noted that the initial application lacked critical specifics. It did not indicate the exact transactions in question, the specific amount debited, or a corresponding bank statement from the corporate debtor. The RP had referenced a statement of account from Mahindra & Mahindra Financial Services Limited. In a previous hearing on 23 April 2026, the bench had directed the RP to file an additional affidavit within seven days, culling out the exact transactions and attaching the corporate debtor's bank account statements highlighting the corresponding entries.
Final Outcome
On 09 June 2026, the tribunal reviewed the additional affidavit dated 11 May 2026, filed by the RP in compliance with its previous order. The bench found this affidavit to still be deficient, as it failed to highlight the exact transactions, the specific amount sought to be refunded, or the relevant bank entries. The RP, appearing in person, conceded to these shortcomings and sought permission to file another affidavit with the complete details. The NCLT granted the RP one week to file a further detailed affidavit and adjourned the matter for further consideration to 07 August 2026.
Topics: Insolvency, Moratorium