Authority: National Company Law Tribunal Allahabad Bench Prayagraj
Order Date: 10th July, 2026
Case Overview
The National Company Law Tribunal (NCLT) Allahabad Bench heard matters related to Corporate Insolvency Resolution Process (CIRP) case CP (IB) No.24/ALD/2025 filed by Punjab National Bank against M/s Bhagwati Rice Mill Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The case involves two interlocutory applications: IA No.98/2026 and IA No.394/2026. The Resolution Professional filed a 5th Progress Report (IA No.394/2026) which was taken on record by the tribunal. Counsel for the Resolution Professional, Sh. Srijan Mehrotra, appeared through virtual hearing and reported that resolution plans have been received and are currently under consideration by the Committee of Creditors (CoC).
Final Outcome
The tribunal disposed of IA No.394/2026 (the 5th Progress Report application) while taking the report on record. The main matter (IA No.98/2026) was adjourned for next hearing on 11th August, 2026. The corporate insolvency resolution process continues with resolution plans under CoC evaluation.
Topics: Insolvency Proceedings, Banking Sector, Corporate Restructuring