Authority: National Company Law Tribunal, Indore Bench, Court No. 1
Order Date: 14 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Indore Bench heard petition CP(IB)/76(MP)2025 filed by Hinduja Leyland Finance Ltd against Owais Metal & Mineral Processing Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. The matter was heard by a bench comprising Hon'ble Shri Brajendra Mani Tripathi (Member Judicial) and Hon'ble Shri Man Mohan Gupta (Member Technical).
During the proceedings, the applicant was represented by advocates Mr. Shashwat Seth and Mr. Paritosh Seth who appeared physically. The counsel for the applicant submitted that all pleadings in the case stand completed and written submissions have already been filed. However, no representative appeared on behalf of the respondent company, Owais Metal & Mineral Processing Ltd.
The tribunal noted that the petition under Section 7 IBC must be decided within the prescribed statutory timeline. Given the absence of the respondent and the need to adhere to statutory requirements, the bench decided to grant one final opportunity to the respondent to advance arguments.
Final Outcome
The NCLT adjourned the matter and listed it for the next hearing on 24 July 2026. This provides the respondent with a final opportunity to present their arguments before the tribunal proceeds with its decision on the Section 7 insolvency petition.
Topics: Corporate Insolvency, NCLT Proceedings, Debt Recovery