Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 15 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard three interconnected applications (IA(IBC)/314/CHE/2021, MA(IBC)/416/2019, and IA(IBC)/159/CHE/2021) in the main petition CP/1011/IB/2018 involving Global Infra and AKR Holdings Pvt Ltd. The liquidator, Mr. N Kumar, appeared in person for all applications. For the first two applications (IA/314/2021 and MA/416/2019), the liquidator informed the bench that a settlement had been reached between the financial creditor and the purchaser, resolving the issue. Consequently, the financial creditor no longer wished to pursue these applications. For the third application (IA/159/2021), Respondent 1 (Mr. Allan Paul) appeared in person along with counsel Ms. Varsha Jain and sought two weeks to file a reply. The tribunal noted that despite time and opportunity, Respondent 2 had not filed any reply, and Respondent 3 had passed away. Other respondents were not present despite paper publication and had not filed their replies.
Final Outcome
The tribunal disposed of applications IA(IBC)/314/CHE/2021 and MA(IBC)/416/2019 based on the settlement and the financial creditor's withdrawal. Application IA(IBC)/159/CHE/2021 was adjourned and listed for final hearing on 6 July 2026.
Topics: Insolvency Proceedings, NCLT Order, Settlement