Authority: National Company Law Tribunal (NCLT), Division Bench, Court-II, Chennai
Order Date: 06 July 2026
Case Overview
The National Company Law Tribunal (NCLT), Chennai Bench, presided over by Member (Judicial) Shri. Jyoti Kumar Tripathi and Member (Technical) Shri. Ravichandran Ramasamy, conducted a hearing for two Interlocutory Applications (IAs) filed within the main corporate insolvency process. The main petition, C.P. (IB)/634(CHE)2017, was initiated by the financial creditor, Bank of Baroda, against the corporate debtor, Vangal Amman Health Services Ltd, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016.
The two applications heard were:
1. IA(I.B.C)/2081(CHE)2025: Filed by Dr. K.C. Ramaswami against the Resolution Professional (RP), Mr. G. Ravikumar, under Section 60(5) of the IBC, 2016.
2. IA(I.B.C)/56(CHE)2026: Also filed by Dr. K.C. Ramaswami against the RP, Mr. G.V. Ravikumar of Vangal Amman Health Services Ltd & Another, under Section 60(5) of the IBC, 2016 read with Rule 11 of the NCLT Rules, 2016.
Representation at the hearing included Senior Counsel Mr. Srinath Sridevan for the applicant (Dr. K.C. Ramaswami), Counsel Mr. Vidhya Shankar for SRA, the RP Dr. G. Ravikumar in person, and Counsel Mr. Ashwin for Respondent 4 (R4).
Final Outcome
The bench issued a specific direction in application IA/2081/2025. The Resolution Professional (RP) was ordered to furnish an updated status of receipts and payments as of the hearing date. This report must include details on the adjustment of the RP's fees from the ESCROW Account separately and must clearly state the amounts available for distribution to shareholders. The RP was given one week to comply with this directive. Both applications were adjourned and listed for their next hearing on 27 July 2026. No final orders or penalties were issued in this hearing.
Topics: Corporate Insolvency, NCLT Proceedings, Resolution Professional