Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai
Order Date: 16 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard matters related to Company Petition No. CP(IB)/71(CHE)2022. The petition was filed under Section 7 Rule 4 of the Insolvency and Bankruptcy Code, 2016 by M/s Phoenix ARC Pvt Ltd (acting as Trustee of Phoenix Trust FY22-16) as the petitioner against M/s Virgo Realtors Pvt Ltd as the respondent. The hearing was conducted through video conference before a bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical).
Shri E. Om Prakash, Senior Counsel, represented the petitioner. Shri Kumarpal Chopra represented the respondent. The petitioner had e-filed a memo in compliance with the tribunal's previous order dated 07 July 2026. The respondent's counsel submitted that they would file a memo on the same day (16 July 2026).
The tribunal noted these submissions and issued specific directions regarding the examination of financial transactions.
Final Outcome
The tribunal adjourned the petition and listed it for clarifications and arguments on 23 July 2026 at 2:30 PM for physical hearing. The bench directed both parties to produce the concerned persons who had prepared the accounts to explain the transactions in question.
Topics: Insolvency Proceeding, Real Estate, Corporate Debt