Authority: National Company Law Tribunal, Division Bench-I, Chennai
Order Date: 14 July 2026
Case Overview
The National Company Law Tribunal (NCLT), Chennai heard multiple interconnected applications related to the liquidation proceedings of Veesons Energy Systems Pvt. Ltd. (Main Petition Number: CP/510/IB/2017). The matters involved several parties including the Liquidator, State Bank of India (financial creditor), promoter directors of the corporate debtor, and Ozone Projects Ltd.
The applications addressed various aspects of the liquidation process:
- IA(IBC)/1741/CHE/2025: General application with next hearing scheduled at NCLAT on 11 August 2026
- CA/132/IB/2018: Application filed under Section 43 of the Insolvency and Bankruptcy Code, 2016 (pertaining to preferential transactions) by the Liquidator against State Bank of India
- IA/65(CHE)/2023 in IA/67/2019: Application concerning two flats that were auctioned, with proceeds deposited in fixed deposit. State Bank of India claimed these flats asserting that loans were taken by promoter directors in their individual capacity against the security of these flats under Tripartite Agreements
- IA(I.B.C)/1101(CHE)2026: Application involving registration matters where Ozone Projects Ltd. consented to registration by the SRO (State Registration Office)
Final Outcome
The Tribunal adjourned all applications to 18 August 2026 for physical hearing. No substantive decisions were made in this hearing. The matters were listed for further arguments, completion of pleadings, or awaiting outcomes from other forums.
Topics: Corporate Insolvency, Liquidation Proceedings, Asset Dispute