Authority: National Company Law Tribunal, Division Bench–I, Chennai
Order Date: 12 June 2026
Case Overview
The hearing concerned the ongoing liquidation proceedings of Sri Maharaja Oil Imports & Exports India Pvt. Ltd. (Main Petition Number: CP/531/2017). The matter was heard by a bench comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical). Representatives for three parties were present: Shri. B. Dhanaraj (counsel for the Liquidator), Shri. PJ Sri Ganesh (counsel for the suspended director of the company), and Shri. M.L. Ganesh (counsel for the financial creditor, State Bank of India).
During the hearing, State Bank of India's counsel reported that the formal demarcation of assets could not be completed due to non-cooperation from Revenue Authorities. However, the bank confirmed that the debts owed by Sri Maharaja Oil had been formally assigned to Prudent ARC (an Asset Reconstruction Company). In response, the counsel for the suspended director claimed that his client had identified two potential buyers for the company's assets and had informed the bank, but no action was taken by the bank. The Liquidator's counsel noted that since the debts had been assigned to Prudent ARC, the current applications (IA(IBC)(DIS)/18(CHE)/2025 and Cont.A(IBC)/4(CHE)/2025) should be kept in abeyance.
Final Outcome
The NCLT bench considered the submissions and ordered that both applications be postponed. The matter has been listed for the next hearing on 28 July 2026.
Topics: Corporate Insolvency, Debt Assignment, NCLT Proceedings