Authority: National Company Law Tribunal, New Delhi Principal Bench
Order Date: 08.06.2026
Case Overview
The National Company Law Tribunal (NCLT) heard an insolvency petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016. The petitioner is IIFL One Value Fund Series B, represented through IIFL Management Services Limited, against the respondent Vatika One India Next Private Limited.
During the hearing, Senior Advocate Mr. Virender Ganda, representing the respondent, requested a one-week extension to file their reply to the petition. He informed the tribunal that settlement talks between the parties are ongoing and progressing toward an amicable resolution. The petitioner's counsel, Mr. Toyesh Tewari, confirmed that settlement discussions are indeed taking place between the parties.
Final Outcome
The NCLT bench comprising Justice Anupinder Singh Grewal (President) and Shri Ravindra Chaturvedi (Member Technical) adjourned the matter to 06.07.2026. The tribunal granted time for the respondent to file their reply and for the parties to continue settlement negotiations. The petitioner was directed to file any rejoinder before the next hearing date.
Topics: Insolvency Proceedings, Corporate Debt, Settlement Negotiations