Authority: National Company Law Tribunal, Ahmedabad Bench (Court-2)
Order Date: 10/06/2026
Case Overview
This order addresses a cluster of Interlocutory Applications (IAs) related to the corporate insolvency resolution process of Neesa Leisure Ltd, initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The financial creditor, Asset Reconstruction Company (India) Ltd, is the applicant in the main petition, CP(IB) 127 of 2017. The matters were heard by a bench comprising Member (Judicial) Mrs. Chitra Hankare and Member (Technical) Dr. Velamur G Venkata Chalapathy.
The specific IAs listed were: IA 455 of 2020, IA/205(AHM)2022, IA/469(AHM)2022, IA/574(AHM)2022, IA/150(AHM)2023 in IA/801(AHM)2021, A/155(AHM)2023 in IA/770(AHM)2021, IA/126(AHM)2024 in IA 851 of 2020, and IA/1155(AHM)2024. The Resolution Professional (RP) informed the tribunal that a new IA had been filed based on orders from the National Company Law Appellate Tribunal (NCLAT) concerning an appealed resolution plan.
A separate IA, IA(Liq.)Progress Report/116(AHM)2026, was also heard. The RP submitted that quarterly progress reports for the liquidation process had been filed as directed by the tribunal and the NCLAT. The reports detailed meetings of the Committee of Creditors (COC) conducted after the rejection of a resolution plan. The counsel for the financial creditor heading the COC also submitted an affidavit based on information obtained from the RP and their opinion.
Final Outcome
The tribunal adjourned the hearing for the main cluster of IAs (IA 455 of 2020, et al.) to 14th July 2026, to be considered after the newly filed IA is listed. For IA(Liq.)Progress Report/116(AHM)2026, the tribunal took the submitted quarterly liquidation reports on record under Rule 11 of the NCLT Rules, 2016. The registry was directed to place the affidavit filed by the RP and the accompanying reports and records in the main case file, CP(IB) 127 of 2017. Consequently, this specific IA was disposed of.
Topics: Insolvency Proceeding, NCLT Order, Liquidation Report