Authority: National Company Law Tribunal (NCLT), Division Bench (Court–I), Chennai
Order Date: 15 July 2026
Case Overview
This is an order from the National Company Law Tribunal (NCLT) in Chennai concerning an application filed in the ongoing insolvency proceedings between The Karur Vysya Bank Ltd (Financial Creditor) and Mohan Balusamy (Corporate Debtor). The main petition is registered as C.P. (IB)/47(CHE)2026. The specific application disposed of by this order is IA(I.B.C)/1174(CHE)2026, which was filed by the appointed Bankruptcy Trustee, Mr. Balasubramanian P. The application sought the tribunal's approval to officially take on record the 1st Progress Report, which covered the quarter ended 30 June 2026.
Final Outcome
The two-member bench, comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical), accepted the Progress Report and placed it on the official record, "subject to all just exceptions." The application (IA/1174) was disposed of accordingly. The order represents a routine procedural step in the ongoing corporate insolvency resolution process.
Topics: Insolvency Proceeding, NCLT Order, Banking