Authority: National Company Law Tribunal, Division Bench (Court–I) Chennai
Order Date: July 7, 2026
Case Overview
This hearing concerned Main Petition Number C.P. (IB)/325(CHE)2025 between S Senthil Kumar (Petitioner) and Canara Bank (Respondent). The specific matter heard was Interlocutory Application IA(I.B.C)/1114(CHE)2026, filed by the Resolution Professional (RP). The application sought to have the 3rd periodical report for the period from May 23, 2026, to June 22, 2026, taken on record by the tribunal. The learned counsel for the RP, Ms. Sahaya Sukuna, presented the application. A key development reported was that the guarantors involved in the insolvency process had submitted a joint repayment plan to the Committee of Creditors (CoC). This plan was placed before the CoC on July 6, 2026, the day before this hearing.
Final Outcome
The tribunal admitted the 3rd periodical report from the Resolution Professional onto the record. The Interlocutory Application (IA/1114(CHE)2026) was disposed of. The CoC's response to the guarantors' repayment plan was noted; the CoC did not accept the initial plan and has asked the guarantors to submit an improved repayment plan by July 18, 2026. The matter remains ongoing pending the revised proposal.
Topics: Insolvency, Banking, NCLT