Authority: National Company Law Tribunal, Division Bench, Court-1, Ahmedabad
Order Date: 12 October 2026
Case Overview
This proceeding involves an application filed under Section 54 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 45(3)(b) of the IBBI (Liquidation Process) Regulations, 2016. The applicant, Dayaram G Teli (Proprietor of Jagdishwar Trading Co.), seeks dissolution of the corporate debtor, Mangalam Paper Pvt Ltd. The application specifically requests condonation of a 61-day delay in filing and an order for dissolution of the corporate debtor under the relevant provisions of the IBC.
Final Outcome
The NCLT admitted the application and condoned the 61-day filing delay. The tribunal issued notices to the Registrar of Companies, Income Tax Department, and State Tax Department, returnable by the next hearing date. The applicant was directed to serve these notices along with a copy of the order through Registered Post/Speed Post, Dasti, and email within seven days. The concerned departments must file their replies within seven days of receiving the notice, with any rejoinder to be filed within seven days thereafter. The liquidator was directed to place on record the liquidation closure account certificate from the concerned bank. The matter has been listed for further consideration on 3 November 2026.
Topics: Insolvency Proceedings, Corporate Dissolution, Regulatory Compliance