Authority: National Company Law Tribunal Division Bench-I, Chennai
Order Date: June 9, 2026
Case Overview
The National Company Law Tribunal (NCLT) Division Bench-I in Chennai heard an insolvency petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition (CP(IBC)/53/(CHE)/2026) was filed by A & A International Trading Pvt. Ltd. (Operational Creditor/Petitioner) against Dhanalakshmi Srinivasan Sugars Pvt. Ltd. (Corporate Debtor/Respondent).
Both parties were represented by their respective counsel - Shri AR Ramanathan for the Petitioner and Shri J. Manivannan for the Respondent. The pleadings in the case are complete, and both parties have filed their written synopsis.
During the hearing, the learned counsel referenced two significant judgments: the Hon'ble NCLAT judgment in Chemical Suppliers India P. Ltd. versus GLS Films Industries P. Ltd. ((2026) 266 Comp Cas 345 : 2025 SCC OnLine NCLAT 334 Company Appeal (AT) (Insolvency) No.157 of 2023) and the Hon'ble Supreme Court judgment in GLS Films Industries P. Ltd. versus Chemical Suppliers India P. Ltd. (Civil Appeal No.4019 of 2025 (2026) 266 Comp Cas 368: 2026 SCC OnLine SC 551). Based on these precedents, the parties submitted that unilateral interest based on invoices cannot form the basis for claiming the amount in dispute.
Final Outcome
The Tribunal adjourned the matter and listed the petition for next hearing on July 30, 2026. The order was signed by both members of the bench - Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical).
Topics: Insolvency Proceedings, Legal Precedents, Corporate Debt