Authority: National Company Law Tribunal, New Delhi Principal Bench
Order Date: 08 July 2026
Case Overview
The National Company Law Tribunal (NCLT) heard a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The operational creditor, Garnet Veneer and Decors Limited, filed the petition against the corporate debtor, Hours Overseas Pvt Ltd. The matter was heard by a bench comprising Justice Anupinder Singh Grewal (President) and Shri Ravindra Chaturvedi (Member Technical) through hybrid hearing (physical and video conference).
During the proceedings, the counsel for the respondent (Hours Overseas Pvt Ltd) submitted that their reply to the petition had been filed but was not reflecting on the DMS (Document Management System) portal as it was lying with defects. The respondent's counsel undertook to cure these defects. Both parties' counsel indicated that they would explore the possibility of an amicable settlement outside the formal insolvency proceedings.
Final Outcome
The NCLT adjourned the matter and listed it for the next hearing on 04 August 2026. The adjournment allows the respondent time to cure the defects in their filed reply and provides both parties an opportunity to explore settlement options before the insolvency proceedings continue.
Topics: Insolvency Proceedings, NCLT Hearing, Corporate Debt Dispute