Authority: National Company Law Tribunal Chandigarh Bench (Court - I)
Order Date: 16 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chandigarh Bench heard applications in the ongoing insolvency proceedings of JCT Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The main application IA(IBC)/741(CH)/2026 was filed by Phoenix Arc Private Limited (the financial creditor and petitioner in the main insolvency petition) against JCT Limited (the corporate debtor). The specific matter before the tribunal concerned how and when the Information Memorandum was made available to the applicant (Phoenix Arc). Both parties filed their respective affidavits in compliance with the tribunal's previous order dated 13 July 2026. The matter was argued by Mr. Puneet Bali, Learned Senior Counsel for the applicant, and Mr. Aalok Jagga for the respondent/Resolution Professional.
Final Outcome
The tribunal reserved its order specifically on the issue of how and when the Information Memorandum was made available to the applicant. The interim relief granted vide order dated 13 July 2026 shall continue until the order is pronounced in this application. Two other connected applications (IA(IBC)/303(CH)/2026 and IA(IBC)/777(CH)/2026) were adjourned and listed for hearing on 04 August 2026 in the Supplementary List.
Topics: Insolvency Proceedings, NCLT Order, Information Memorandum