Authority: National Company Law Tribunal, Indore Bench, Court No. 1
Order Date: 16 June 2026
Case Overview
This is a proceeding under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by Madhya Pradesh Financial Corporation (Applicant/Financial Creditor) against Raounak Drugs Pvt Ltd (Respondent/Corporate Debtor). The matter was listed for hearing on 16 June 2026. The Applicant's counsel, Mr. Abhishek Naik, appeared online and submitted that an affidavit of service of notice upon the Respondent had been filed on 22 May 2026. Counsel for the Respondent, Ms. Soumya Dharwa, appeared online and informed the tribunal that she had received instructions to appear in the matter. She sought time to file the Vakalatnama (power of attorney) and a formal Reply to the application.
Final Outcome
The two-member bench, comprising Member (Judicial) Shri Brajendra Mani Tripathi and Member (Technical) Shri Man Mohan Gupta, granted the Respondent's request for time. The tribunal directed the Respondent's counsel to file the Reply within a fortnight (two weeks) and to provide an advance copy to the Applicant. Upon receipt of the Reply, the Applicant was granted one week to file a rejoinder. The matter was adjourned and listed for the next hearing on 04 August 2026.
Topics: Insolvency Proceeding, NCLT Hearing, Corporate Debt