Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai
Order Date: 16 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard insolvency petition CP(IB)/28(CHE)2022 filed by Phoenix ARC against Virgo Properties Pvt Ltd under Section 7 Rule 4 of the Insolvency and Bankruptcy Code, 2016. The hearing was conducted through video conference before a bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical). Senior Counsel Shri E. Om Prakash represented the petitioner (Phoenix ARC), while Shri Kumarpal Chopra represented the respondent (Virgo Properties Pvt Ltd). The petitioner had filed a memo in terms of a previous order dated 07 July 2026. The respondent's counsel submitted that they would file a memo on the same day (16 July 2026).
Final Outcome
The tribunal scheduled the petition for further clarifications and arguments on 23 July 2026 at 2:30 PM through physical hearing. The bench issued a specific directive requiring both parties to bring the concerned persons who had prepared the accounts to explain the transactions in question. The case remains pending before the tribunal.
Topics: Insolvency Proceeding, NCLT Hearing, Account Transactions