Authority: National Company Law Tribunal, Division Bench (Court–I) Chennai
Order Date: 15 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard arguments regarding a scheme of arrangement involving Luckyyarn Tex India Pvt Ltd under Sections 230-232 of the Companies Act, 2013. The hearing was conducted through video conference before a bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical).
Representation included Mr. Pawan Jhabakh for the petitioner (Luckyyarn Tex India Pvt Ltd), Mr. Avinash Krishnan Ravi along with Mr. Sriram for the Resolution Professional (RD), and Mr. Rajkumar Jhabakh for the Income Tax Department. The Registry was directed to accept the hard copy of the RD report, with the petitioner's response to the report already on record.
The Resolution Professional withdrew objections based on the petitioner's undertaking to comply with provisions of Section 240 of the Companies Act, 2013. The Income Tax Department also confirmed it had no objection to the scheme. The petitioner filed memos (SR.No.3102 dated 14.07.2026 and SR.3064 dated 13.07.2026) in compliance with the Tribunal's observations from its previous order dated 01.07.2026.
Final Outcome
After hearing arguments from all parties, the Tribunal reserved its order. The final decision on the scheme of arrangement under Sections 230-232 of the Companies Act, 2013 will be delivered at a later date.
Topics: Corporate Restructuring, NCLT Proceedings