Authority: National Company Law Tribunal, Division Bench, Court – II Chennai
Order Date: 16 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai Bench, comprising Member (Judicial) Shri Jyoti Kumar Tripathi and Member (Technical) Shri Ravichandran Ramasamy, heard matters related to the corporate insolvency resolution process of M/s Surana Power Limited. The original petition (CP/646/IB/2017) was filed by M/s Gimpex Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016.
Three applications were before the tribunal:
1. IA(IBC)/1009(CHE)2021 filed by Karnataka Industrial Areas Development Board under Rule 11 of NCLT Rules 2016 read with Section 60(5)(c) of IBC 2016 against Srikanth Dwarkanath (Liquidator) of M/s Surana Power Ltd
2. MA/28(CHE)/2021 filed by Karnataka Industrial Areas Development Board (KIADB) under Section 60(5) of IBC, 2016 against the liquidator
3. Ivn.P/12/CHE/2021 IN MA/28/CHE/2021, an intervention petition filed by KIADB under Section 60(5) of IBC 2016
The matters were heard through video conferencing at 10:30 AM, with Learned Counsel Mr. Nikhil Singh appearing for the Liquidator.
Final Outcome
The NCLT Chennai Bench adjourned the hearing of all applications and the intervention petition to 13 August 2026. The adjournment was granted due to a pending appeal before the Hon'ble Supreme Court of India related to this matter. The tribunal did not make any substantive rulings or observations during this hearing.
Topics: Insolvency Proceedings, NCLT Hearing, Liquidation