Case Details

Case Name: Anil Kheaterpal vs. Innovari Technologies Pvt Ltd.

Court/Authority: National Company Law Tribunal (NCLT), New Delhi Principal Bench

Case No.: (IB)-569(ND)/2018

Order No.: IA-07/2024 Dis.

Date of Order: 20th May 2026

Parties Involved

Petitioner: Sh. Anil Kheaterpal

Respondent: M/s. Innovari Technologies Pvt Ltd. (Corporate Debtor)

Liquidator: Represented by Advocate Mr. Udayan Khandelwal

Other Counsel Present: Mr. Pratik Sarkar (Advocate for Applicant in IA-1857/2024 & 271/2023), Ms. Amrita Singh, Mr. Sanket Khandelwal, Mr. Prasang Sharma (Advocates for Respondents in IA-1857/2024), Ms. Akanksha Nehra (Advocate for Respondent-2 in IA-271/2023)

Tribunal Coram: Justice Anupinder Singh Grewal (Hon'ble President) and Shri Ravindra Chaturvedi (Hon'ble Member - Technical)

Issues / Allegations / Violations

The application (IA-07/2024) was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking condonation of a 100-day delay in filing the application for dissolution of the Corporate Debtor, Innovari Technologies Pvt Ltd. The stipulated period for completing the liquidation process had expired.

Findings & Observations

The Tribunal heard the Liquidator's submission that the delay was caused by prolonged follow-up with HDFC Bank for the transfer of a balance amount, which was the only realization asset of the Corporate Debtor. The Liquidator had been following up since 25th May 2023 and was under a bona fide belief that the bank would complete the transfer promptly. The Tribunal observed that the application appeared to be bona-fide and that there was no intentional delay on the part of the liquidator.

Penalties / Settlements / Directions

The NCLT allowed the application (IA-07/2024) and condoned the delay of 100 days in filing the dissolution application. The application was disposed of accordingly.

Final Ruling & Enforcement

The matter was adjourned to 13th July 2026 for the hearing of other connected applications: IA-05/2024 Dis., IA-1857/2024, IA-271/2023, and IA-1279/2024.

The order was signed by both members of the bench.