Authority: National Company Law Tribunal Division Bench (Court-I) Chennai
Order Date: 07.07.2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai Division Bench, comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical), heard application IA(IBC)(Liq)/13(CHE)/2026 filed under main petition CP(IB)/63(CHE)/2025. The application sought initiation of liquidation proceedings against the Corporate Debtor, Bagbera Drinking Water Supply Project Ltd. The Corporate Debtor possesses no assets except for proceeds from arbitration matters. Two arbitration proceedings are ongoing, with one resulting in an award in favor of the Corporate Debtor, though the applicant has filed a challenge against it that remains pending. A Form-G was issued during the resolution process, attracting Expressions of Interest from four Prospective Resolution Applicants (PRAs). Only one PRA submitted documents, which the Committee of Creditors (CoC) found non-viable. On 02.05.2026, the CoC held a meeting and unanimously resolved (100% voting) to proceed with liquidation.
Final Outcome
The NCLT reserved its order after hearing arguments from the Resolution Professional's counsel. The tribunal will issue a subsequent ruling on the liquidation application.
Topics: Insolvency, Liquidation, Infrastructure