Authority: National Company Law Tribunal, Division Bench-I, Chennai
Order Date: 16 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard multiple applications in the ongoing insolvency proceeding between Smartpaddle Technology Pvt. Ltd. (Applicant) and Fashion Influence Clothing India Pvt. Ltd. (Corporate Debtor/Respondent). The main petition CP(IB)/7(CHE)/2023 involves insolvency proceedings against Fashion Influence Clothing India Pvt. Ltd.
The hearing addressed several interlocutory applications including Cont.A(IBC)/6(CHE)2025 in IA/665/2024, IA(IBC)/1989/CHE/2025, IA(IBC)/1625(CHE)/2024, and IA(IBC)(DIS)/14(CHE)/2026. City Union Bank Limited has been permitted to pursue these applications pursuant to an order dated 15 April 2026. The tribunal noted that despite opportunities given, the Respondents have failed to explain certain transactions under scrutiny.
Final Outcome
The tribunal partially heard arguments and adjourned the matter to 31 July 2026 for further arguments on the main applications. Regarding application IA(IBC)(DIS)/14(CHE)/2026, the tribunal directed the Applicant/Liquidator to provide a detailed breakup of expenses duly audited along with supporting invoices for consideration. The Applicant was also directed to serve a copy of the application on City Union Bank Ltd. for its response. The matter will be listed for response/hearing on 31 July 2026.
Topics: Insolvency Proceedings, NCLT Hearing, Transaction Examination