Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 06.07.2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard multiple interconnected applications in the matter of Akzo Nobel Industrial Chemicals BV versus Oren Hydrocarbons Pvt Ltd (Main Petition Number: IBA/938/2019). The hearing addressed four specific applications: IA(IBC)/2164(CHE)/2024, IA(IBC)/1046/CHE/2022, IA(IBC)/1171(CHE)/2022, and IA(IBC)/1560(CHE)2025.
During the hearing for application IA(IBC)/2164(CHE)/2024, the Learned Senior Counsel for Respondent 1 (Oren Hydrocarbons) submitted on instructions that if any settlement solution is possible, the respondent would agree to pay interest at the rate of 9% per annum. In response, the Learned Counsel for the Applicant (Akzo Nobel) submitted that the company had been purchased in an auction on a 'sale as a going concern' basis on a clean slate principle and that what was payable had already been paid. The arguments were partly heard.
Regarding the other applications, IA(IBC)/1046/CHE/2022 and IA(IBC)/1171(CHE)/2022 were noted as being wrongly listed for this date and were directed to be listed on the already fixed date of 01.09.2026. Application IA(IBC)/1560(CHE)2025, presented by the Liquidator's counsel, was also adjourned to the same date.
Final Outcome
The NCLT bench adjourned all applications to 01.09.2026 for further hearing. The application IA(IBC)/2164(CHE)/2024 will continue with further arguments, while the other applications will be heard on the same date as per the tribunal's direction.
Topics: Insolvency Proceedings, Interest Rate Settlement, NCLT Hearing