Case Details
Case Name: Phoenix Arc Limited vs Vikram Sharma
Court/Authority: National Company Law Tribunal Chandigarh Bench (Court – II) (Special Bench)
Case Numbers: IA(I.B.C)/670(CH)2026 and CP (IB) No. 79/Chd/Hry/2026
Date of Order: 19.05.2026
Under Section: 95 & 99 of the Insolvency and Bankruptcy Code (IBC), 2016
Parties Involved
Petitioner/Applicant: Phoenix Arc Limited, represented by Resolution Professional (RP) and advocates Ms. Shreya Moondhar, Ms. Divya Sharma, and Mr. Rajendra Shinde.
Respondent/Personal Guarantor: Vikram Sharma, represented by advocate Mr. Vipul Joshi.
Tribunal Members: Shri. Shishir Agarwal (Member (Technical)) and Shri. K. Biswal (Member (Judicial)).
Order & Procedural Directions
On Application IA(I.B.C)/670(CH)2026:
- The application was filed by the Resolution Professional (RP) to have his report under Section 99 of the IBC, 2016 taken on record.
- The tribunal heard the applicant's counsel, Ms. Shreya Moondhar.
- The Report was taken on record by the tribunal, subject to just exception.
- The RP was directed to upload the report to the e-portal of the main petition and serve a copy to the opposite counsel.
- This application was disposed of.
On Main Petition CP (IB) No. 79/Chd/Hry/2026:
- With the RP's report now on record, the tribunal issued directions for the next steps.
- Objections to the Report, if any, must be filed within two weeks. A copy must be provided in advance to the opposite counsel.
- A Response/Reply to any objections must be filed within one week after the objection period, also with a copy provided in advance to the opposite counsel.
- The matter has been listed for further consideration before the Regular Bench on 21.07.2026.
Final Ruling & Enforcement
The order is a procedural ruling that admits the RP's report and sets a timeline for objections and replies. The final adjudication of the insolvency petition is pending and will be considered on the next hearing date of 21.07.2026.