Authority: National Company Law Tribunal, Bengaluru Bench (Special Bench)
Order Date: 29 June 2026
Case Overview
This is an order in an ongoing insolvency petition (CP(IB) No. 45/BB/2025) filed by Canara Bank against an individual, Smt. Praveena N, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The petition is at a stage where the tribunal is awaiting a report from the Resolution Professional (RP). The Hon'ble Members presiding over the bench are Shri. Sunil Kumar Aggarwal (Judicial) and Shri. Banwari Lal Meena (Technical). The RP, Shri. Ravindra Beleyur, was present for the hearing.
The principal matter before the tribunal was the non-receipt of the report from the Resolution Professional. The bench noted that the report was still awaited and issued directions for the next steps in the process.
The tribunal directed the RP to forward copies of his report to the learned counsel for both parties once it is received. The counsel for the parties are then granted three weeks to file any objections or observations to the report, with copies to be served to the opposing side. Following this, the RP is given another three weeks to file a rejoinder to any objections, if necessary, again with copies to all concerned parties.
Final Outcome
The matter was adjourned and listed for the next hearing on 27 August 2026. The purpose of the next hearing is specifically to consider the Resolution Professional's report. No final ruling on the insolvency petition itself was made in this order; the proceedings are ongoing and contingent upon the submission and review of the RP's report.
Topics: Insolvency Proceeding, NCLT, Banking