Authority: National Company Law Tribunal, Allahabad Bench, Prayagraj
Order Date: 12th June, 2026
Case Overview
The matter involves an insolvency petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Kali Fabrics Pvt Ltd (Financial Creditor) against Trimula Industries Limited (Corporate Debtor). The case is registered as CP (IB) No.42/ALD/2024. The hearing was presided over by a division bench consisting of Sh. Praveen Gupta (Member Judicial) and Sh. Ashish Verma (Member Technical).
During the hearing, the authorized representative for the Financial Creditor, Sh. Lovkesh Batra (PCS), informed the tribunal that settlement talks between the parties were underway and had reached an advanced stage of finalization. Based on this submission, he formally requested an adjournment of the hearing to allow the parties additional time to finally reach a settlement agreement.
The Corporate Debtor was represented by Sh. Mohitender appearing as proxy for Sh. Dinkar Kumar, Advocate. The record notes that the Corporate Debtor's counsel had previously been appearing ex-parte as of 12th November 2024.
Final Outcome
The NCLT bench granted the adjournment request in view of the ongoing settlement discussions. The matter has been rescheduled for hearing on 3rd August, 2026. No substantive rulings on the insolvency petition were made during this hearing, and the proceedings remain pending pending the outcome of settlement negotiations.
Topics: Insolvency Proceedings, Corporate Settlement, NCLT Adjournment