Authority: National Company Law Tribunal, Indore Bench, Court No. 1
Order Date: 17 June 2026
Case Overview
This matter concerns Interlocutory Application (IA) No. 61 of 2020 filed within the main insolvency proceeding [TP 101 of 2019] CP(IB) 351 of 2018. The application is brought by Mr. Vichitra Narayan Pathak in his capacity as the Resolution Professional (RP) for Laxmipati Balaji Infra Pvt Ltd. The respondents are Mr. Ajay Patel (representing the suspended management of the corporate debtor) and others. The application specifically examines potential wrongful trading activities under Sections 43, 45, 50, and 66 of the Insolvency and Bankruptcy Code, 2016, read with Section 60(5).
Final Outcome
The Tribunal noted that the counsel for the applicant (RP) had filed a clarificatory affidavit as previously directed. No representative appeared for the respondents (the suspended management). Consequently, the Bench, comprising Member (Technical) Shri Man Mohan Gupta and Member (Judicial) Shri Brajendra Mani Tripathi, adjourned the matter. The next hearing is scheduled for 29 July 2026. The substantive issues regarding alleged wrongful trading remain pending adjudication.
Topics: Insolvency Proceeding, NCLT Hearing, Wrongful Trading