Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai

Order Date: 30 June 2026

Case Overview

The National Company Law Tribunal (NCLT) Chennai heard multiple interlocutory applications in the ongoing corporate insolvency resolution process of CP(IB)/1437(CHE)/2019 between RSK Housing India Pvt Ltd and Vaasan Medical Center India Pvt Ltd. The proceedings involved various applications related to the implementation of the resolution plan, with the Successful Resolution Applicant (SRA), Monitoring Committee, and other parties represented by their respective counsel.

Key applications included:

  • IA(IBC)/669(CHE)/2026: Arguments heard, SRA granted time to take instructions
  • IA(IBC)/663(CHE)/2026: Replies filed by R1 and R2, two weeks granted for rejoinder
  • IA(IBC)/2059(CHE)/2023: Application sought direction for payment of remaining amount pending EPFO appeal outcome
  • IA/1489(CHE)/2024: Application withdrawn as GST issue resolved
  • IA(IBC)/218(CHE)/2025 & IA(IBC)/278(CHE)/2025: Applications withdrawn as Performance Bank Guarantee had been invoked
  • IA(IBC)/699(CHE)/2025: Application dependent on outcome of IA(IBC)/125(CHE)/2026
  • IA(IBC)/125(CHE)/2026: Key application seeking to take on record affidavit/status report dated 08.01.2026, relieve SRA from implementing the plan, and treat investments as liquidation cost
  • MA/18(CHE)/2022 & IA/1101(CHE)/2022: PUFE applications with complete pleadings

The Tribunal noted that an appeal filed by EPFO before the NCLAT remains pending disposal, and the NCLAT had deferred its appeal decision until a ruling is made on IA(IBC)/125(CHE)/2026.

Final Outcome

The Tribunal:

  • Adjourned IA(IBC)/669(CHE)/2026, IA(IBC)/663(CHE)/2026, IA/629(CHE)/2024, IA(IBC)/699(CHE)/2025, IA(IBC)/125(CHE)/2026, MA/18(CHE)/2022, and IA/1101(CHE)/2022 to 21 July 2026 for hearing
  • Dismissed IA(IBC)/2059(CHE)/2023 as premature since the EPFO appeal remains pending
  • Dismissed IA/1489(CHE)/2024 as withdrawn after SRA counsel stated the GST issue was resolved
  • Dismissed IA(IBC)/218(CHE)/2025 and IA(IBC)/278(CHE)/2025 as withdrawn since the Performance Bank Guarantee had been invoked
  • Granted permission to the Chairman of the Monitoring Committee to file minutes of the 15th Monitoring Committee meeting
  • Granted liberty to the SRA to file a memo regarding objections to the meeting minutes
  • Directed the registry to accept hard copies and place them for hearing on the next date

The bench comprised Hon'ble Shri Sanjiv Jain, Member (Judicial) and Hon'ble Shri Venkataraman Subramaniam, Member (Technical).

Topics: Corporate Insolvency, NCLT Proceedings, Resolution Plan Implementation