Authority: National Company Law Tribunal (NCLT), Kolkata Bench - Court II
Order Date: 30th June 2026
Case Overview
This is an order from a hearing in the matter of Piyush Securities Pvt Ltd vs. Shree Vaishanavi Ispat Limited, which is an insolvency petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition is registered as C.P. (IB)/74(KB)2026. The bench comprised Hon'ble Member (Judicial) Shri Cheekati Radha Krishna and Hon'ble Member (Technical) Ms. Rekha Kantilal Shah. Counsel for the Financial Creditor, Piyush Securities Pvt Ltd, were present. The Corporate Debtor, Shree Vaishanavi Ispat Limited, had previously been granted liberty to file a reply affidavit by an order dated 6th May 2026 but had failed to do so. During this hearing, the Corporate Debtor's counsel requested a further adjournment for the same purpose.
Final Outcome
The Tribunal granted a final opportunity to the Corporate Debtor to file its reply affidavit, subject to the condition of paying a cost of ₹25,000 (Twenty Five Thousand Rupees). This cost is to be deposited into the account of the Prime Minister's National Relief Fund, and proof of payment must be placed on the record. The reply affidavit must be filed within three days from the order date (30th June 2026). If filed, the Financial Creditor may file a rejoinder within the subsequent three days. The matter has been adjourned and is now listed for its next hearing on 15th July 2026.
Topics: Insolvency, NCLT, Corporate Debt