Authority: National Company Law Tribunal Chandigarh Bench (Court - II)
Order Date: 30 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chandigarh Bench heard multiple applications in the ongoing Corporate Insolvency Resolution Process (CIRP) of Upscalio India Private Limited. The insolvency proceedings were initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016 by financial creditor Northern Arc Capital Limited. The matter is registered as CP (IB) No. 284/Chd/Hry/2023 and was admitted by the tribunal.
Two specific applications were addressed in this order:
- IA(I.B.C)/894(CH) 2026 sought to place on record the 49th & 50th Fortnightly Progress Reports covering the period from 28 March 2026 to 27 April 2026
- IA(I.B.C)/895(CH) 2026 sought to place on record the 51st & 52nd Fortnightly Progress Reports covering the period from 28 April 2026 to 27 May 2026
Both applications were filed under Rule 11 of the NCLT Rules, 2016 for the purpose of recording progress reports in the insolvency process.
Final Outcome
The bench, comprising Member (Technical) Shri Shishir Agarwal and Member (Judicial) Shri K. Biswal, disposed of both progress report applications (IA(I.B.C)/894(CH) 2026 and IA(I.B.C)/895(CH) 2026) by taking the reports on record "subject to just exceptions."
However, the tribunal deferred hearing on several other pending applications including IA(I.B.C)/846(CH) 2026, IA(IBC)(PLAN)/5 (CH)2025, IA(I.B.C)/2532 (CH)2024, IA(I.B.C)/677 (CH)2025, and IVN.P (IBC)/4(CH)2026. These applications were listed before the regular bench on 1 July 2026, as the current hearing was a special bench.
The order represents procedural management of the ongoing insolvency resolution process without substantive rulings on the merits of the case.
Topics: Insolvency Proceedings, NCLT Order, Corporate Debt Resolution