Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 06 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard an application IA(I.B.C)/1102(CHE)2026 filed in the main petition C.P. (IB)/323(CHE)2025 between A Sumathi and Canara Bank. The application was presented by the Resolution Professional (RP) seeking to record the progress report for the period from 23 May 2026 to 22 June 2026. During the hearing, the RP's counsel reported that the Personal Guarantors had submitted a joint repayment plan, which was currently under consideration by the Committee of Creditors (CoC).
Final Outcome
The NCLT disposed of the application while directing the Resolution Professional to immediately call a meeting of the Committee of Creditors to place the repayment plan for formal consideration. The progress report was taken on record by the tribunal subject to all just exceptions. The bench comprised Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical).
Topics: Insolvency Proceedings, Banking Resolution, NCLT Order