Authority: National Company Law Tribunal (NCLT), Division Bench (Court–I), Chennai
Order Date: 09 June 2026
Case Overview
The hearing pertains to the corporate insolvency resolution process of Swastik Spinners (India) Pvt Ltd (Main Petition Number: CP/288/IB/2018). The bench, comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical), was convened to address three specific applications: IA(IBC)/1758/CHE/2025, IA(IBC)/1292/CHE/2025, and CONT.APPL/2(CHE)/2025. The applicant/liquidator, represented by counsel Ms. Uma Maheswari, and Tamil Nadu Mercantile Bank, represented by counsel Ms. Lavanya, were present. The core reason for the hearing's adjournment is that an order from the National Company Law Appellate Tribunal (NCLAT) on a related matter is still awaited.
Final Outcome
The Tribunal did not issue any ruling on the pending applications and adjourned the matter. The applications have been listed for the next hearing on 03 August 2026, pending the receipt of the order from the NCLAT. The proceedings remain inconclusive.
Topics: Insolvency, NCLT Proceedings, Liquidation