Authority: National Company Law Tribunal, Division Bench-I, Chennai
Order Date: 09 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard two interlocutory applications (IAs) related to the main insolvency petition CP(IBC)/1352/CHE/2018 filed by Kotak Mahindra Bank Ltd. against Prasad Properties And Investments Pvt. Ltd. The bench consisted of Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical).
For application IA(IBC)/1421(CHE)2024, pleadings were complete and written synopsis had been filed. The tribunal noted that despite previous directions, the respondent's affidavit was not on record and there was no documentation regarding payment of cost. Despite repeated calls, no representative appeared for the respondents.
For application IA(IBC)/143(CHE)2026, the affidavit of service indicated that respondents R2 and R3 had been served, while notice to R1 was returned unserved with the report "addressee left". Counsel for the liquidator noted that in the related application IA/1421/2024, Mr. Roshan Atiq had been representing respondent R1.
Final Outcome
The tribunal adjourned both applications to 03 August 2026 for physical hearing. Application IA/1421/2024 was listed for final hearing, while application IA/143/2026 was listed for appearance and reply. No substantive decisions were made on the merits of the case during this hearing.
Topics: Insolvency Proceedings, NCLT Hearing, Corporate Litigation