Authority: National Company Law Tribunal, Bengaluru Bench (Special Bench)
Order Date: 29 June 2026
Case Overview
The National Company Law Tribunal (NCLT), Bengaluru Bench, heard a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was filed by M/s Devanchal Enterprises (Operational Creditor) against M/s I Brands Beverages Pvt Ltd (Corporate Debtor/Respondent). The matter was heard through physical hearing/VC mode (hybrid) before a Special Bench consisting of Hon'ble Member (Judicial) Shri. Sunil Kumar Aggarwal and Hon'ble Member (Technical) Shri. Banwari Lal Meena. Representing the parties were Adv. Shrayansh Singh for the Operational Creditor and Adv. Anirudh Suresh for the Corporate Debtor.
The core issue preventing the tribunal from proceeding with the matter was that the arbitration award, which formed the foundation of the operational creditor's claim in this insolvency petition, was under an embargo ordered by the Learned Commercial Court in Bangalore. This legal impediment meant the NCLT could not adjudicate the petition based on the award at this time.
Final Outcome
The NCLT Bench adjourned the proceedings and listed the matter for further hearing on 19 August 2026. The adjournment was granted due to the ongoing embargo on the arbitration award by the Commercial Court, Bangalore. The final outcome of the insolvency petition remains pending until the embargo is lifted and the matter can be heard on its merits.
Topics: Insolvency Petition, Arbitration Award, NCLT Proceeding