Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai

Order Date: 13 July 2026

Case Overview

The National Company Law Tribunal (NCLT) Chennai heard multiple interlocutory applications related to the ongoing liquidation proceedings of Kamachi Industries Ltd. The main petition (IBA/883/2019) was originally filed by State Bank of India. The hearing involved several applications:

  • IA(IBC)/1399(CHE)/2024, IA(IBC)/1403(CHE)/2024, and IA(IBC)/1435(CHE)/2024: These applications had complete pleadings, but despite granted time, parties had not filed written synopses. The tribunal directed the filing of written synopses and adjourned the hearing.
  • IA(IBC)/372(CHE)/2025: The Income Tax Department sought and was granted time to file a copy of a High Court order referenced in the tribunal's order dated 27 April 2026.
  • IA(IBC)/735/CHE/2026: The respondent counsel indicated that the application copy had not been served on all respondents. The tribunal directed the applicant (Successful Purchaser) to serve copies on all respondents and file an affidavit of service, granting three weeks for respondents to file replies after service.

Representation included: Mr. A.G. Sathyanarayana (Liquidator's counsel), Mr. P.J. Sriganesh (counsel for promoter directors), Mr. Ranghasayee (applicant's counsel), Mr. Rajkumar Jhabakh (Income Tax Department counsel), Senior Counsel Mr. P.S. Raman with Mr. Prahalad Bhat (Successful Purchaser's counsel), and Mr. Varun Srinivasan (counsel for R3).

Final Outcome

All applications were adjourned to 18 August 2026 for further hearing. The tribunal issued procedural directions including requiring written synopses, service of application copies, and filing of relevant court documents.

Topics: Corporate Insolvency, NCLT Proceedings, Liquidation Process