Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: 13 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard matter CP(IBC)/275(CHE)2024, which is an insolvency petition filed by Razack Trading Company against corporate debtor K G Denim Ltd. The hearing was conducted through video conference before a bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical). The petitioner was represented by Mr. Ramanasubramanian, while the corporate debtor was represented by Ms. Deepa Mariappan.
During the hearing, the petitioner's counsel requested a one-week adjournment to explore the possibility of settling the matter out of court. The tribunal noted this request for settlement discussions.
Final Outcome
The NCLT adjourned the matter and listed both the main petition (CP(IBC)/275(CHE)2024) and the interim application (IA(IBC)/383/CHE/2026) for next hearing on 24 July 2026. On that date, the parties are expected to either report a successful settlement or proceed with hearing arguments in the case. No substantive rulings were made in this order.
Topics: Insolvency Proceedings, Settlement Negotiations, Textile Industry