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

Order Date: 29 June 2026

Case Overview

The National Company Law Tribunal (NCLT) Chennai heard over 25 interlocutory applications related to the ongoing liquidation proceedings of SLO Industries Ltd. The main petition (CP/1264/IB/2018) was initiated by Corporation Bank (Mid Corporate Branch) against the corporate debtor. The applications involved multiple parties including the applicant Mr. Anil Kumar Ojha (appearing in person), the current liquidator represented by counsel Mr. Vishnu Jayaram and Mr. Pawan Jhabakh, the erstwhile resolution professional represented by Mr. Bathrinarayan, and the erstwhile liquidator represented by Mr. Varun Srinivasan.

Key issues addressed included:

  • Recovery of receivables worth Rs. 63.53 crores during the Corporate Insolvency Resolution Process (CIRP) period
  • Treatment of operational creditors' claims as CIRP cost
  • Asset preservation and security concerns with reported thefts at company premises where over Rs. 40 lakhs had been spent on security
  • Appointment of statutory auditor to complete audit of accounts
  • Claims assessment by EPFO and GST authorities filed during liquidation period
  • Transaction audit conducted by BDO India LLP covering CIRP period up to liquidation commencement date
  • Extension of liquidation timeline beyond 29 June 2026

Final Outcome

The Tribunal adjourned all applications to 21 August 2026 for further hearing and compliance. Specific directions included:

  • Liquidator directed to file action taken report on DRT proceedings (next date 01 July 2026)
  • Liquidator directed to place matter before Stakeholders Consultation Committee regarding appointment of statutory auditor
  • Liquidator granted permission to file memo explaining steps taken for preserving corporate debtor's assets
  • EPFO and erstwhile liquidator directed to file case laws regarding claim admissibility
  • Liquidation timeline extended till 31 August 2026
  • Registry directed to register one pending application (Efiling Number: 3305118/02270/2025)
  • Physical hearing ordered for 21 August 2026 with mandatory presence of applicant, erstwhile RP, erstwhile liquidator, and new liquidator with counsel

Topics: Corporate Insolvency, Liquidation Proceedings, Creditor Claims