Authority: National Company Law Tribunal (NCLT), Division Bench, Court - 1, Ahmedabad
Order Date: 10/06/2026
Case Overview
This proceeding involves an insolvency petition (CP(IB) 5 of 2018) filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Phoenix ARC Pvt Ltd, in its capacity as the Trustee of Phonix Trust FY 14-9, against the Corporate Debtor, Nagaur Water Supply Company Pvt Ltd. The hearing concerned four interconnected Interlocutory Applications (IAs): IA/1068(AHM)2022, IA/1115(AHM)2022, IA/58(AHM)2023, and IA/663(AHM)2023.
The bench, comprising Mr. Shammi Khan (Hon'ble Member - Judicial) and Mr. Sanjeev Sharma (Hon'ble Member - Technical), heard representations from legal counsel for both parties. For the Applicant (Phoenix ARC), Mr. Dhananjay Sud, Advocate, appeared along with Mr. Rajendra Sanghi, the Liquidator. For the Respondent (Nagaur Water Supply), Ms. Vaishnavi Viswanathan, Advocate, appeared. Additional advocates were present for other respondents listed in the specific IAs.
Final Outcome
The NCLT bench did not rule on the merits of the applications but issued procedural directions. It ordered all appearing sides to file their written notes of arguments, a chronology of events, and any supporting legal citations. The matter was adjourned and listed for further arguments on July 21, 2026.
Topics: Insolvency Proceeding, NCLT Hearing, Corporate Debt