Authority: National Company Law Tribunal, Hyderabad Bench – II
Order Date: 22 June 2026
Case Overview
This hearing concerns Company Petition IB/96/7/HDB/2025 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition was initiated by Neuzen Finance Pvt Ltd as the financial creditor (Petitioner) against IVRCL Chandrapur Tollways Limited as the corporate debtor (Respondent). The matter was being heard by a bench comprising Hon'ble Member (Judicial) Shri Rajeev Bhardwaj and Hon'ble Member (Technical) Shri Sanjay Puri. The specific application being heard was IA(IBC)(Plan)/04/2026. The petitioner's counsel, Mr. Bendi Ravi Teja, appeared along with Mr. Piyush Kisanlal Jani, the Resolution Professional.
The principal procedural issue identified during the hearing was that the applicant had incorrectly served summons to the Principal Commissioner of Income Tax instead of the jurisdictional Principal Chief Commissioners of Income Tax.
Final Outcome
The Tribunal directed that fresh notices be issued to the jurisdictional Principal Chief Commissioners of Income Tax at the correct address. The matter was adjourned to 6 July 2026 for further hearing.
Topics: Insolvency Proceedings, NCLT Hearing, Corporate Debt