Authority: National Company Law Tribunal (NCLT), Division Bench (Court– I), Chennai
Order Date: June 22, 2026
Case Overview
This order pertains to an application (IA(IBC)/991(CHE)/2026) filed in the main petition CP(IBC)/315(CHE)/2025, which is a matter between The Karnataka Bank (Financial Creditor) and Kashasai Elangkumaran (Personal Guarantor). The application was filed by the Interim Resolution Professional (IRP) to formally submit and take on record a report prepared under Section 99 of the Insolvency and Bankruptcy Code, 2016 (IBC). The bench, comprising Member (Judicial) Sanjiv Jain and Member (Technical) Venkataraman Subramaniam, heard the counsel for the applicant IRP, Ms. Uma Chatterjee.
Final Outcome
The tribunal condoned the delay in filing the report. It admitted the Section 99 report and issued directions for the next steps in the process. The IRP was directed to serve a copy of the report on both the Financial Creditor (The Karnataka Bank) and the Personal Guarantor (Kashasai Elangkumaran) to enable them to file their replies. The application is listed next for hearing/reply on July 16, 2026.
Topics: Insolvency, Banking, NCLT