Authority: National Company Law Tribunal (NCLT), Hyderabad Bench – II

Order Date: 22 June 2026

Case Overview

This order pertains to multiple Interlocutory Applications (IAs) filed within the main insolvency petition CP (IB) No.254/7/HDB/2021, which was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC) by petitioners Kudapa Gangadhara & another against the corporate debtor, Impact Metals Ltd. The proceedings have reached the liquidation stage. The applications were heard by a bench comprising Member (Judicial) Shri Rajeev Bhardwaj and Member (Technical) Shri Sanjay Puri. Mr. Bendi Ravi Teja, the learned counsel for the applicant (the Liquidator), was present for all applications.

Final Outcome

The tribunal issued dispositive orders on four of the five applications and reserved one for future orders:

  • IA (Liq)/96/2026: The application filed by the Liquidator to take on record the Final Progress Report was allowed. The report was taken on record and the application was disposed of.
  • IA (IBC)/922/2026: The application filed by the Liquidator to take on record the Final Report was allowed. The report was taken on record and the application was disposed of.
  • IA (IBC)/920/2026: The application sought an extension of the liquidation period by 1 month, effective from 14 December 2025 to 13 January 2026. The tribunal, keeping in view the submissions made, allowed the extension and disposed of the application.
  • IA (IBC)/921/2026: The application sought a further extension of the liquidation period by 2 months, effective from 14 January 2026 to 14 March 2026. The tribunal allowed this extension and disposed of the application.
  • IA (IBC)/923/2026: This application was heard by the bench, which then reserved it for orders. A final ruling on this specific application is pending.

The practical consequence is that the liquidation process for Impact Metals Ltd. has been formally extended, and the liquidator's final reports have been accepted by the tribunal, moving the process toward its conclusion, pending the outcome of the reserved application.

Topics: Corporate Insolvency, Liquidation Process, NCLT Proceedings