Authority: National Company Law Tribunal, Hyderabad Bench - II
Order Date: 16 June 2026
Case Overview
This hearing concerns IA (IBC)/588/2026 in Company Petition IB/304/7/HDB/2022 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The original petition was filed by Union Bank of India (Financial Creditor) against Panduranga Energy Systems Pvt Ltd (Corporate Debtor). The matter was heard in hybrid mode (VC and physical) before a bench comprising Shri Rajeev Bhardwaj (Hon'ble Member Judicial) and Shri Sanjay Puri (Hon'ble Member Technical).
During the hearing, Mr. G. P. Yash Vardhan, learned counsel for the Financial Creditor, informed the tribunal that the Committee of Creditors (CoC) has taken a decision to replace the Interim Resolution Professional (IRP) in this corporate insolvency resolution process.
Final Outcome
The National Company Law Tribunal has adjourned the matter to 07 July 2026 for further proceedings regarding the replacement of the Interim Resolution Professional.
Topics: Insolvency Proceedings, Banking Sector, Corporate Restructuring