Authority: National Company Law Tribunal, Division Bench - II, Chennai
Order Date: 13th July 2026
Case Overview
The National Company Law Tribunal (NCLT), Chennai Bench, presided over by Shri. Jyoti Kumar Tripathi (Member - Judicial) and Shri. Ravichandran Ramasamy (Member - Technical), heard matters related to the main insolvency petition IBA/1364/2019. This petition was filed by M.D. Overseas Ltd against M/s Megafoods Products Madras Pvt Ltd under Section 7 Rule 4 of the Insolvency and Bankruptcy Code (IBC), 2016. Three interlocutory applications were before the bench: IA(IBC)/609(CHE)2022 filed by the Resolution Professional (S. Vasudevan) under Section 33(2) of IBC, 2016; IA(IBC)/847(CHE)2021 filed by the Resolution Professional under Sections 14 & 17 read with Section 60(5) of IBC, 2016; and MA(IB)/110(CHE)/2021 filed by the Resolution Professional under Section 19(2) of IBC read with Sections 60(5) & 70 of IBC, 2016 against Amit Chandrakant Vaishnav. Learned Counsel Ms. Varshni appeared for the Resolution Professional.
Final Outcome
The Tribunal noted that the matter is currently posted for hearing before the National Company Law Appellate Tribunal (NCLAT) on 22nd July 2026. Consequently, the NCLT Chennai Bench adjourned the hearing of the three applications and listed them for its next hearing on 28th August 2026.
Topics: Insolvency Proceeding, NCLT Adjournment, Corporate Legal Dispute