Authority: National Company Law Tribunal (NCLT), Division Bench (Court–I), Chennai
Order Date: 15 June 2026
Case Overview
The National Company Law Tribunal (NCLT), Chennai, convened a hearing for a cluster of interconnected applications stemming from the main insolvency petition, IDBI Capital Markets & Securities Ltd Vs Surana Industries Ltd (TCP(IBC)/95/CHE/2017). The hearing addressed several applications, including IA(IBC)/1914/CHE/2025, MA/826/2019, MA/360/IB/2018, Cont.App/18(che)/2023, and IA/1141(CHE)/2024. A central point of contention arose in the contempt application (Cont.App/18(che)/2023). Counsel for RKKR Steels Private Limited (R1 in the contempt application) argued that contempt proceedings could not be pursued against it as a Corporate Insolvency Resolution Process (CIRP) had already been initiated against the company. In opposition, the Liquidator's counsel, Shri J. Manivannan, alleged that this CIRP was initiated fraudulently and argued for lifting the corporate veil to proceed with the contempt matter. The Liquidator also informed the tribunal that he was pursuing an early listing of an related appeal before the National Company Law Appellate Tribunal (NCLAT).
Final Outcome
The NCLT bench, comprising Member (Judicial) Shri Sanjiv Jain and Member (Technical) Shri Venkataraman Subramaniam, issued a directive for the Resolution Professional (RP) of RKKR Steels Private Limited to file a status report detailing the current state of the Corporate Insolvency Resolution Process (CIRP) concerning the company. All applications were adjourned and listed for the next hearing on 05 August 2026.
Topics: Insolvency Proceeding, Corporate Veil, Contempt of Court