Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 12 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai Division Bench heard matters related to the insolvency proceedings between Posiflex Technology India Pvt Ltd (Petitioner) and Millenium Soft-Tech (India) Pvt Ltd (Respondent). The main petition CP(IB)/109/2021 is accompanied by two interlocutory applications: IA(IBC)/1373(CHE)2024 and IA(IBC)/1377(CHE)2024. During the hearing held via video conference, the Liquidator represented by Mr. Bathrinarayan requested additional time to reconcile transactions based on details submitted by the Respondent company. The Bench noted that the Liquidator needed more time for this reconciliation process.
Final Outcome
The NCLT granted three weeks' time to the Liquidator to complete the transaction reconciliation. The matter has been listed for next hearing on 21 July 2026. The order was signed by both members of the Division Bench: Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical).
Topics: Insolvency Proceedings, NCLT Hearing