Authority: National Company Law Tribunal, Division Bench – II, Chennai

Order Date: July 13, 2026

Case Overview

This order pertains to two Interlocutory Applications (IAs) filed in the main insolvency petition C.P. (IB)/218(CHE)2022, titled Ask Investment Managers Ltd Vs V S Suresh, initiated under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016.

The first application, IA(I.B.C)/123(CHE)2026, was filed by V S Suresh (the Applicant) under Rule 11 of the NCLT Rules, 2016 read with Section 60(5) of IBC, 2016, against ASK Investment Managers Limited (the Respondent). The applicant sought to recall a previous tribunal order dated December 11, 2025, which had closed the opportunity for the respondent (V S Suresh) to file a counter in the main petition. The applicant provided reasons for the non-response in paragraphs 4 to 9 of their application. The counsel for ASK Investment Managers objected to the application being considered.

The second application, IA(IBC)/563(CHE)2024, was filed by the Resolution Professional (RP), Madhu Desikan, for V S Suresh under Section 99 of IBC, 2016.

Final Outcome

After hearing the parties, the bench comprising Member (Judicial) Shri. Jyoti Kumar Tripathi and Member (Technical) Shri. Ravichandran Ramasamy allowed application IA/123/2026. The tribunal found reasonable cause to recall its earlier order and permitted the filing of the counter reply, subject to the payment of a cost of ₹25,000 by the applicant. This cost is to be paid to the Prime Minister's National Relief Fund within two weeks from the order date. The registry was directed to accept the counter reply only upon payment of this cost. A copy of the reply must be served to the other party, who may file a rejoinder within one week thereafter. This application was disposed of.

For the second application (IA/563/2024), the tribunal directed that a copy of the report be served to all parties, who must file their response within a week.

The main petition (CP/218/2022) and the application (IA/563/2024) were listed for the next hearing on August 20, 2026.

Topics: Insolvency Proceeding, NCLT Order, Procedural Hearing