Authority: National Company Law Tribunal, New Delhi Court-IV (Special Bench)
Order Date: 13 July 2026
Case Overview
This proceeding concerns an application (IA/3117/ND/2026) filed within the main insolvency case (IB/2410/ND/2019) under Section 7 of the Insolvency & Bankruptcy Code, 2016. The application was filed by the Liquidator of Nature India Communique Ltd, specifically under Section 21(11) Explanation of the IBC. The purpose was to formally place on record the constitution of the Committee of Creditors (CoC) for the liquidation process of the corporate debtor, Nature India Communique Ltd. The applicant in the main matter was Realiable Finance Corpn Pvt Ltd. The tribunal heard arguments from Advocate Iswar Mohapatra and Advocate Animesh Pandey representing the applicant (Liquidator), and Advocate Ritesh Agrawal representing the UPAVP.
The legal context centers on a recent amendment to Section 21 of the IBC, which now mandates the constitution of a CoC during liquidation proceedings to supervise the conduct of the liquidation process, similar to its role during the corporate insolvency resolution process.
Final Outcome
The NCLT allowed the application. The constitution of the CoC and the updated list of its members were taken on record by the tribunal, subject to just exceptions. The application IA/3117/ND/2026 was disposed of as allowed.
The practical consequence is the formal establishment of the Committee of Creditors to oversee the liquidation process of Nature India Communique Ltd, as required by the amended provisions of the Insolvency & Bankruptcy Code.
Topics: Insolvency, Liquidation Process, Committee of Creditors