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

Order Date: 15 June 2026

Case Overview

This order details the proceedings from a hearing in the main petition CP(CA)/125(CHE)/2022, titled Union of India Through Serious Fraud Investigation Office Vs Surana Industries Ltd and 95 Ors. The hearing concerned numerous interim applications (IAs) related to this fraud investigation case. The Serious Fraud Investigation Office (SFIO) is the petitioner. Key procedural updates for various applications were recorded:

  • In IA/131(CHE)/2023, the applicant, India Resurgence ARC Pvt Ltd, filed a memo (SR.No.1171 dated 21.04.2026) stating it had sold a property linked to the case via private treaty on 31 March 2023 and was consequently withdrawing its second prayer. The SFIO was granted time to respond to this memo.
  • In IA(IBC)/56/(CHE)/2023, the SFIO's counsel informed the tribunal that the Hon'ble Supreme Court had granted them liberty to file a review petition before the NCLAT against an order dated 09 January 2026. This application has been filed but is yet to be listed for hearing.
  • For IA/259(CHE)/2025, a common reply was filed by respondents R5, R7, R16, and R18. The right to file a reply was closed for all other respondents who had failed to do so despite previously granted time. A rejoinder is to be filed within two weeks.
  • For several other applications (IA/84(CHE)/2023, IA(CA)/46(CHE)/2024, IA(CA)/57(CHE)/2026, IA/132(CHE)/2023, IA(CA)/118(CHE)/2026, IA(CA)/73(CHE)/2026, IA(CA)/74(CHE)/2026, IA(CA)/72(CHE)/2026), the tribunal issued directions regarding the filing of replies, acceptance of hard copies of e-filed documents, and schedules for filing rejoinders, typically granting one or two weeks for each step.

Final Outcome

The primary outcome of the hearing was the adjournment of the entire matter. The main petition and all connected interim applications were listed for the next hearing on 05 August 2026 to allow for the completion of the prescribed pleadings and procedures.

Topics: NCLT Proceeding, SFIO Investigation, Corporate Fraud