Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: 12 June 2026
Case Overview
The hearing concerned Application No. CA(CAA)/48(CHE)2026, filed by Santhanam Rajashree against Global Tech Skills Pvt Ltd under Sections 230-232 of the Companies Act, 2013. The matter pertains to a scheme of compromise or arrangement in the liquidation process of the corporate debtor, Global Tech Skills Pvt Ltd.
The Liquidator's counsel submitted that the Stakeholders Consultation Committee (SCC) had recommended the scheme be placed before the Tribunal. He noted that although the scheme was filed beyond the timelines prescribed under Regulation 2B of the Liquidation Process Regulations, these timelines are directory in nature. The current Scheme Proponent has offered a sum of Rs. 15 crores and has deposited the Earnest Money Deposit (EMD).
During the hearing, counsel for the suspended director, Mr. Akhil Bhansali, stated that another scheme proponent, who had previously offered Rs. 25 crores, was still interested. The suspended director, Mr. Keshav Kantamneni, who appeared via video conference, identified this proponent as RINI Enterprises Ltd.
The Liquidator countered this by submitting that RINI Enterprises Ltd had previously submitted a Resolution Plan. However, as further details were not furnished, that plan could not be taken up and its EMD was forfeited. Due to this history, the Liquidator stated that RINI Enterprises Ltd is not eligible to now submit a scheme. Mr. Kantamneni subsequently requested a week's time to search for other investors who could present an improved offer.
Final Outcome
The Tribunal granted the request for time. The application is listed for its next hearing on 01 July 2026 to allow the suspended director to search for new investors who may present a higher offer for the company's assets.
Topics: Corporate Insolvency, Liquidation Process, Scheme of Arrangement