Authority: National Company Law Tribunal, Jaipur Bench
Order Date: June 16, 2026
Case Overview
The National Company Law Tribunal (NCLT) Jaipur Bench, comprising Judicial Member Ms. Reeta Kohli and Technical Member Ms. Kavita Bhatnagar, heard two interlocutory applications (IAs) in the ongoing corporate insolvency resolution process (CIRP) of M/s Prayag Polytech Pvt. Ltd. The matter originated from an insolvency petition (CP No. (IB)-68/7/JPR/2024) filed by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applications were heard through web-based video conferencing with representation from Resolution Professional's counsel, Abhishek Devgan, and Rishabh Chand Lodha appearing in person.
Final Outcome
The tribunal allowed IA No. 272/JPR/2026, which sought exclusion of 72 days from the CIRP timeline. This exclusion was granted on account of a stay order from the National Company Law Appellate Tribunal (NCLAT) dated February 12, 2026, which had restrained the Resolution Professional from forming the Committee of Creditors. The NCLAT appeal was subsequently dismissed on April 23, 2026. Additionally, the tribunal disposed of IA No. 274/JPR/2026 by accepting the second progress report submitted by the Resolution Professional on record.
Topics: Insolvency Proceedings, Legal Order