Authority: National Company Law Tribunal, Hyderabad Bench – II
Order Date: 10 June 2026
Case Overview
This order pertains to an Interlocutory Application (IA No. 494/2026) filed within the main Company Petition (IB/104/7/HDB/2023) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was initiated by IDBI Bank Ltd (Petitioner/Financial Creditor) against GVK Energy Limited (Respondent No. 1/Corporate Debtor). The matter was heard in a hybrid mode (VC and Physical) by a bench comprising Shri Rajeev Bhardwaj, Member (Judicial) and Shri Sanjay Puri, Member (Technical).
The hearing was attended by legal counsel for all parties: Mr. Avinash Desai (Senior Counsel) with Mr. Amir Bavani for the Applicant, Mr. Y. Suryanarayana with Ms. Siva Praneetha for Respondent No. 1 (GVK Energy Ltd), and Mr. Rajeev Rambhatla for Respondent No. 2. Mr. Venkatachalam Varanasi, the Resolution Professional, was also present.
The primary development from this hearing is a procedural update. The counter affidavit filed by Respondent No. 2 was found to be under defects by the registry.
Final Outcome
The Bench issued directions for the rectification of the procedural defect and set the timeline for subsequent filings. Respondent No. 2 is granted one week from the order date (until ~17 June 2026) to remove the defects in its counter filing. Following this, the Applicant (IDBI Bank Ltd) is given one week (until ~24 June 2026) to file a rejoinder, if it deems necessary. The main matter has been adjourned and is next listed for hearing on 7 July 2026.
Topics: Insolvency Proceeding, Banking Debt, Adjournment