Authority: National Company Law Tribunal (NCLT), Bengaluru Bench - Special Bench
Order Date: 06 July 2026
Case Overview
This is an interim order in an insolvency petition (CP(IB) No. 309/BB/2025) filed under Section 94(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner is Mr. Shamsundar Heramba Naik, and the respondent is The Karnataka Bank Limited. The matter was heard by a bench comprising Hon'ble Member (Judicial) Shri. Sunil Kumar Aggarwal and Hon'ble Member (Technical) Shri. Banwari Lal Meena. Counsels representing the parties were Adv. Prasanna Shenoy for the Resolution Professional (RP), Adv. Sathish Kumar for the Petitioner (PG), and Adv. Rajit Chaudary for Karnataka Bank.
The tribunal noted that while the report from the Resolution Professional (RP) was available, a hard copy of a condonation of delay application was not physically present in the file, though the RP insisted it had been filed. The registry was directed to place the application on file. All parties admitted to having received copies of both the RP's report and the condonation of delay application.
Final Outcome
The tribunal did not issue a final ruling on the petition's merits. Instead, it adjourned the matter for further proceedings. The parties were directed to file their responses or objections to the RP's report and the condonation of delay application within three weeks, with copies to the RP. The RP was given a further three weeks to file a rejoinder to any responses submitted. The case is now listed for arguments on 27 August 2026.
Topics: Insolvency Proceeding, Banking, NCLT