Authority: National Company Law Tribunal, Division Bench-I, Chennai
Order Date: June 12, 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai Division Bench-I heard matters related to the insolvency case filed by State Bank of India against Ganga Foundation Pvt. Ltd. The main petition bears number IBA/870/2020, with an interlocutory application numbered IA(IBC)/1496(CHE)2024. The hearing was conducted through video conferencing before the bench comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical).
During the hearing, Shri. A.G. Sathyanarayana appeared as learned counsel for the Applicant/Liquidator, while Shri. Selvanandam appeared as learned counsel for the Respondents (promoter directors of Ganga Foundation Pvt. Ltd.). The respondent's counsel sought an adjournment on the grounds that he was in the process of changing his vakalat (legal representation authority).
Final Outcome
The NCLT bench granted the adjournment and listed the application for clarifications on July 17, 2026. The matter remains pending before the tribunal for further proceedings.
Topics: Insolvency Proceedings, Banking Litigation, NCLT Adjournment