Authority: National Company Law Tribunal, Hyderabad Bench - 1
Order Date: 29-06-2026
Case Overview
The National Company Law Tribunal (NCLT) Hyderabad Bench heard an insolvency petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was filed by operational creditor Madhu Priya's (a proprietorship firm operating as M/s. Madhupriya's Parsha Padmavati Trade Centre) against corporate debtor M/s. Mugdha Art Studio LLP. The hearing was conducted in hybrid mode (virtual and physical) before a bench comprising Hon'ble Member (Judicial) Sh. Rajeev Bhardwaj and Hon'ble Member (Technical) Sh. Sanjay Puri.
During the hearing, the counsel for the corporate debtor, Ms. Sandhya Rani, submitted that settlement talks between the parties were ongoing and there was a possibility of reaching a settlement agreement. The counsel for the operational creditor, Mr. V. Ravi Kumar, was also present.
Final Outcome
The NCLT adjourned the matter to 16 September 2026 for further hearing. The tribunal directed that any settlement reached between the parties must be reported to the court on or before the next hearing date. The adjournment was granted at the request of the corporate debtor's counsel to allow additional time for settlement negotiations.
Topics: Insolvency Proceedings, NCLT Hearing, Settlement Negotiations