Authority: National Company Law Tribunal, Division Bench-I, Chennai
Order Date: 13 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard matters related to insolvency proceedings between S Chandra (petitioner) and Tamilnad Mercantile Bank Ltd (respondent). The main petition is registered as CP(IB)/53/CHE/2024. Two interlocutory applications were heard: IA(IBC)/943/CHE/2026 and IA(IBC)/624(CHE)/2026.
IA(IBC)/943/CHE/2026 was filed seeking impleadment of Tamilnad Mercantile Bank Ltd in the related application IA(IBC)/624(CHE)/2026. The Bankruptcy Trustee represented by Mrs. Pavithra Dayalan, A V Thomas Leather and Allied Products Pvt. Ltd represented by Ms. Mahalakshmi, and Tamilnad Mercantile Bank Ltd represented by Shri. A.G. Sathyanarayana were present during the hearing.
In IA(IBC)/624(CHE)/2026, the Bankruptcy Trustee informed the Tribunal that an auction notice has been published and the date of auction is scheduled for 14 August 2026. Counsel for A V Thomas Leather and Allied Products Pvt. Ltd requested an adjournment citing unavailability of arguing counsel.
Final Outcome
The Tribunal allowed the impleadment application (IA(IBC)/943/CHE/2026) and directed filing of an amended memo of parties in IA(IBC)/624(CHE)/2026. The hearing for IA(IBC)/624(CHE)/2026 was adjourned and listed for next hearing on 31 August 2026.
Topics: Insolvency Proceedings, Bank Impleadment, Auction Hearing