Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 06 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard an application for the dissolution of Corporate Debtor Titanum Trantalum Products Ltd. The matter arises from Main Petition Number TP(IBC)/413(CHE)/2017 between Kerala State Electronics Development Corp (Applicant) and Titanum Trantalum Products Ltd (Respondent). The specific application being heard was IA(IBC)(DIS)/8/(CHE)2026.
During the hearing, the Learned Counsel for the Applicant brought to the tribunal's attention that Edelweiss Asset Reconstruction Company Limited (Respondent) had failed to comply with the tribunal's previous order dated 16 June 2026. Specifically, Edelweiss ARC had not paid the required expenses amounting to ₹5,24,500 (Five Lakh Twenty-Four Thousand Five Hundred Rupees) as directed by the tribunal.
Final Outcome
The NCLT Chennai bench, comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical), directed the registry to issue notice to the Manager of Edelweiss Asset Reconstruction Company Limited. The notice requires the Manager to appear before the tribunal or submit compliance documentation on the next hearing date of 24 July 2026. The application was listed for appearance/submitting compliance on 24 July 2026.
Topics: NCLT Proceedings, Corporate Insolvency, ARC Compliance