Authority: National Company Law Tribunal Guwahati Bench
Order Date: 30th June 2026
Case Overview
The order involves insolvency proceedings initiated by Punjab National Bank against M/s Virgo Cements Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The case includes multiple applications: IA (IBC)/50/GB/2026, Intervention Petition (IBC)/2/GB/2026, and IA (IBC)/103/GB/2026. The proceedings concern negotiations between Prag India, the Successful Resolution Applicant (SRA), and interveners regarding a dispute related to tribal land. The Monitoring Committee, chaired by Ms. Sudha Sarma, is involved, and various advocates represent the parties, including Punjab National Bank, Indian Bank, and the respondents.
Final Outcome
The NCLT has adjourned all matters to 10th July 2026 for further consideration to allow ongoing negotiations. The interim order in IA (IBC)/50/GB/2026 remains in effect and is not vacated at this stage.
Topics: Insolvency Proceedings, Tribal Land Dispute