Authority: National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj
Order Date: 10th June, 2026
Case Overview
The National Company Law Tribunal (NCLT), Allahabad Bench, comprising Hon'ble Member (Judicial) Sh. Praveen Gupta and Hon'ble Member (Technical) Sh. Ashish Verma, heard CP (IB) No.82/ALD/20253. This is an insolvency petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by IIFL Home Finance Limited (Financial Creditor) against VACL India Real Estate Limited (Corporate Debtor).
During the hearing, counsel for the Corporate Debtor, Sh. Sanjay Kumar Gupta, appeared and sought an opportunity to file a reply to the petition. Counsel for the Financial Creditor, Sh. Prakhar Prakash Srivastava, was also present.
Final Outcome
The Bench granted the Corporate Debtor's request and adjourned the matter. The Corporate Debtor was directed to file its reply within two weeks, with an advance copy to be supplied to the Financial Creditor. The Financial Creditor was given 10 days thereafter to file a rejoinder, if any, also with an advance copy to the opposite side. The case has been listed for its next hearing on 5th August 2026.
Topics: Insolvency Proceeding, NCLT Hearing, Real Estate Finance