Authority: National Company Law Tribunal, Division Bench - Court II, Chennai
Order Date: 13.07.2026
Case Overview
The National Company Law Tribunal (NCLT), Chennai Bench heard an application filed by Reform ARC Ltd seeking substitution as petitioner in place of State Bank of India in an ongoing insolvency proceeding. The application was registered as IA(IBC)/1046(CHE)2026 and connected to main petition CP(IBC)/720/(CHE)2020. The substitution was sought on the grounds that the debt originally owed to State Bank of India had been assigned to Reform ARC Ltd. The hearing was conducted through video conferencing at 10:30 AM on July 13, 2026, before a bench consisting of Judicial Member Shri Jyoti Kumar Tripathi and Technical Member Shri Ravichandran Ramasamy. The applicant was represented by Learned Counsel Ms. K. Bharathi.
Final Outcome
The NCLT allowed the application IA(IBC)/1046(CHE)2026, permitting Reform ARC Ltd to be substituted as the petitioner in place of State Bank of India. The tribunal directed the petitioner to carry out all necessary amendments to the petition and file an amended petition. The order further stipulated that copies of the amended petition must be served to all parties involved in the case. The application was disposed of following this order.
Topics: Debt Assignment, NCLT Procedure, Substitution Application