Authority: National Company Law Tribunal, New Delhi Principal Bench
Order Date: 07 July 2026
Case Overview
The National Company Law Tribunal (NCLT) New Delhi Principal Bench heard matters related to the Corporate Insolvency Resolution Process (CIRP) against Magnifico Minerals Private Limited. The petition was filed by Central Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The case involves multiple parties including the erstwhile Resolution Professional, the Monitoring Committee, the Income Tax Department, and the ex-management of the corporate debtor. The matter was heard through hybrid mode (physical and video conference).
Final Outcome
The NCLT admitted the application under Section 7 of the IBC, 2016. The Monitoring Committee was directed to carry out all formalities under the insolvency process until the substitution of the Resolution Professional is formally approved. The court granted time to the Monitoring Committee to prefer an application for substitution of the Resolution Professional. The case has been listed for the next hearing on 31 August 2026 to address the substitution matter.
Topics: Insolvency Proceedings, Banking Sector, Corporate Debt