Authority: National Company Law Tribunal, Division Bench–I, Chennai
Order Date: 30 June 2026
Case Overview
The hearing concerned an application (IA(IBC)/987(CHE)/2026) filed in the main petition CP(IBC)/930(CHE)/2019, which is an insolvency proceeding initiated by JM Financial Asset Reconstruction Company Limited against the corporate debtor, R R Info Park Private Limited. The Resolution Professional (RP) sought exclusion of time from the Corporate Insolvency Resolution Process (CIRP) timeline for the period from 10 July 2025 to 30 May 2026. The background involves extensive litigation that impacted the CIRP timeline. An appeal was filed by a suspended director before the National Company Law Appellate Tribunal (NCLAT), which resulted in the deferral of the CIRP order dated 12 December 2023 until 07 March 2024, on which date the NCLAT dismissed the appeal. The suspended director then appealed to the Supreme Court. By its order dated 24 March 2025, the Supreme Court directed that the CIRP could proceed but that any proceedings for approval of a resolution plan required its approval. Subsequently, on 05 January 2026, the Supreme Court permitted the scrutiny of the eight resolution plans received and allowed the Committee of Creditors (CoC) to consider and approve an appropriate plan, with the further direction that the NCLT not consider any application for plan approval until further orders from the Supreme Court. The RP reported that the CoC, with a vote exceeding 66%, approved a resolution plan on 16 February 2026. An application seeking approval of this plan has been filed with the NCLT and is listed for hearing on 02 July 2026.
Final Outcome
The Tribunal did not rule on the exclusion application but adjourned the hearing to 02 July 2026. The RP was directed to explain the specific basis for seeking an exclusion of the timeline until 30 May 2026. The outcome of the exclusion request remains pending.
Topics: Insolvency Proceedings, Litigation Delay, Committee of Creditors