Authority: National Company Law Tribunal Division Bench-I, Chennai
Order Date: July 13, 2026
Case Overview
The hearing pertains to insolvency proceedings under case number CP(IBC)/27/CHE/2024 involving M Shanmugam versus Tamilnad Mercantile Bank Ltd. The matter was heard through video conferencing before a bench consisting of Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical). Representatives from multiple parties were present including counsel for the Bankruptcy Trustee, A V Thomas Leather and Allied Products Pvt. Ltd., and Tamilnad Mercantile Bank Ltd.
The Bankruptcy Trustee confirmed that an auction notice has been published with the auction date scheduled for August 14, 2026. Counsel for A V Thomas Leather and Allied Products Pvt. Ltd. requested an adjournment on the grounds that their arguing counsel was not available for the hearing.
Final Outcome
The NCLT bench granted the adjournment request and listed the application (IA(IBC)/625(CHE)/2026) for next hearing on August 31, 2026. The auction process remains scheduled for August 14, 2026 as previously announced.
Topics: Insolvency Proceedings, Banking Sector, Legal Adjournment