Authority: National Company Law Tribunal Division Bench, Court-II Chennai
Order Date: 13 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai Bench heard two interlocutory applications in the ongoing liquidation proceedings of M/s The Jeypore Sugar Company Ltd. The main petition (C.P. (IB)/1307(CHE)2018) was initiated by IDBI Bank Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The first application (CONT.P.(IBC)/30(CHE)2025) was filed by Aaria Projects Limited against Hari Karthick, the Liquidator of Jeypore Sugars Company Limited, under Section 425 of the Companies Act read with Section 60(5) of IBC, 2016 and Rule 11 of NCLT Rules, 2016. The second application (IA(I.B.C)/577(CHE)2026) was filed by the Regional PF Commissioner II, Employees Provident Fund Organisation Regional Office Rajahmundry against the Liquidator under Section 60(5) of IBC, 2016 read with Rule 11 of NCLT Rules, 2016.
Final Outcome
For application CONT.P.(IBC)/30(CHE)2025, the Liquidator's counsel stated that pursuant to the court's order dated 01.05.2025 in IA 1968 of 2024, they were directed to return the EMD of ₹2 crore. The Liquidator confirmed that ₹1 crore had been paid on 04.06.2026 and the balance would be paid on or before 31.07.2026. The case was adjourned to 17.08.2026.
For application IA(I.B.C)/577(CHE)2026, reply and rejoinder had been filed. The physical copy of rejoinder was not available but the Tribunal permitted its filing and directed the Registry to accept it. Both parties were permitted to file written submissions including case laws within two weeks. The application was partly heard and listed for next hearing on 13.08.2026.
The bench comprised Shri Jyoti Kumar Tripathi (Member Judicial) and Shri Ravichandran Ramasamy (Member Technical).
Topics: Corporate Insolvency, Liquidation Proceedings, NCLT Hearing