Authority: National Company Law Tribunal, Division Bench - Court II, Chennai
Order Date: 16 June 2026
Case Overview
This application (IA(I.B.C)/931(CHE)2026) was filed in connection with the main petition C.P. (IB)/28(CHE)2025 by Piyush Kishanlal Jani, the Resolution Professional of corporate debtor KI (International) Limited. The application was made under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, with Union Bank of India & Another listed as respondents. The purpose was to seek the tribunal's approval to take on record the report certifying the reconstitution of the Committee of Creditors and an updated list of creditors for the corporate debtor.
The applicant demonstrated compliance with Regulation 17(1) and Regulation 13(2)(d) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which govern the constitution and operation of the Committee of Creditors during corporate insolvency resolution processes.
Final Outcome
The NCLT Chennai Bench, comprising Member (Judicial) Shri. Jyoti Kumar Tripathi and Member (Technical) Shri. Ravichandran Ramasamy, allowed the application. The tribunal ordered that the report certifying the reconstitution of the Committee of Creditors and the updated list of creditors be taken on record, subject to all just exceptions. The application was disposed of as allowed.
Topics: Insolvency Proceedings, Committee of Creditors, Corporate Debt