Authority: National Company Law Tribunal, Jaipur Bench
Order Date: June 30, 2026
Case Overview
This is a hearing in the ongoing insolvency proceeding against M/s Prayag Polytech Pvt. Ltd., initiated by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016 (CP No. (IB)-68/7/JPR/2024). The specific application being heard is IA No. 166/JPR/2026. The suspended directors of the corporate debtor, Mr. Milan Aggarwal and Mr. Manish Aggarwal, were present in person. They stated that all requisite information and the entire record had already been handed over to the Resolution Professional (RP).
However, the RP reported that on June 26, 2026, he had sent another communication to the directors. Although a reply was sent on June 29, 2026, the RP identified various gaps in the partly provided information that needed to be filled.
Final Outcome
The suspended directors agreed to sit with the Resolution Professional along with their statutory auditor to resolve the information gaps. This meeting is scheduled for July 16, 2026, at 11:00 AM at the factory site of the corporate debtor. Consequently, the NCLT bench, comprising Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar, adjourned the matter and posted it for the next hearing on July 20, 2026.
Topics: Corporate Insolvency, NCLT Proceeding, Information Compliance