Authority: National Company Law Tribunal, Bengaluru Bench (Special Bench)
Order Date: 29 June 2026
Case Overview
The matter involves an insolvency petition (CP(IB)No.124/BB/2017) filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Reliance Capital AIF Trustee Company Pvt Ltd. & Others (Financial Creditor) against Fortuna Buildcon India Pvt. Ltd (Corporate Debtor). Multiple Interlocutory Applications (IA 363/2020, 382/2021, 877/2025, 938/2025) are pending in this case. The hearing was conducted through physical/VC hybrid mode before a Special Bench consisting of Judicial Member Shri Sunil Kumar Aggarwal and Technical Member Shri Banwari Lal Meena.
During the proceedings, counsel for Tumkur Grain Merchants Co-operative Bank Ltd raised the issue that the Resolution Professional (RP) had neither filed an amended memo of parties nor modified it as per the previous order, and no copy had been supplied to them, preventing them from filing a reply. The counsel for the RP stated that the application does not currently require modification but committed to filing an amended memo of parties and forwarding copies to the bank's counsel, whose email ID was shared in the chat box.
Final Outcome
The Tribunal granted three weeks for Tumkur Grain Merchants Co-operative Bank Ltd to file its reply after receiving the documents, with a copy to the RP's counsel. The RP may file a rejoinder within a similar timeframe. Similar adjournment was granted for filing replies in other pending applications, with three weeks for replies and another three weeks for rejoinders. The matter has been listed for arguments on 17 August 2026.
Topics: Insolvency Proceedings, NCLT Hearing, Corporate Debt