Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai
Order Date: June 17, 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard an application filed by the Resolution Professional in the matter of Redington India Ltd versus S Selvanayagam. The application, numbered IA(IBC)/935(CHE)/2026, was part of the main petition CP(IBC)/273(CHE)/2021. Insolvency proceedings were initiated against the Personal Guarantor, S Selvanayagam, by order dated March 26, 2026. The Resolution Professional reported that till the date of the hearing, the Personal Guarantor had not submitted any repayment plan as required under the insolvency process.
The Resolution Professional sought three specific reliefs from the Tribunal: (1) direction to the Respondent under Regulation 22 of the PG Regulations to assist and cooperate with the Applicant and furnish all necessary information, documents, and records; (2) grant of appropriate liberty/extension to the Resolution Professional regarding submission of the Report on the Repayment Plan until complete information is furnished; and (3) any other orders necessary in the interest of justice.
Final Outcome
The Tribunal directed the Applicant (Resolution Professional) to serve a copy of the application on the Personal Guarantor for reply. The matter was listed for further hearing on July 17, 2026, for the Personal Guarantor's response. The order did not grant immediate relief but established a procedural timeline for the Respondent to respond to the application.
Topics: Insolvency Proceedings, Personal Guarantor, NCLT Hearing