Authority: National Company Law Tribunal, Amaravati Bench
Order Date: 16 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Amaravati Bench heard two interconnected applications (IA (IBC)/215/2026 and IA (IBC)/224/2026) within the main insolvency petition CP (IB)/48/95/AMR/2024. The proceedings involve the Personal Insolvency Resolution Process (PIRP) of Shri Rebba Satyanarayana, who is a personal guarantor, and M/s. R V R Marine Products Ltd. The petitioner/creditor is IDBI Bank Limited, and the Resolution Professional is Mr. K.M.K. Prasad.
In IA (IBC)/215/2026, the Resolution Professional sought condonation of a 200-day delay in claim submission by UCO Bank, which filed its claim as a Financial Creditor on 02 May 2026, well beyond the deadline of 14 October 2025. The RP also requested the Tribunal to take on record the revised list of creditors and reconstitute the Committee of Creditors (CoC) under Section 110 of the IBC, 2016, assigning UCO Bank a 2.87% voting share.
In IA (IBC)/224/2026, the Resolution Professional sought a 30-day extension of the PIRP period effective from 14 May 2026. The application was supported by a resolution passed unanimously (100% voting share) by the CoC in its 5th meeting held on 08 May 2026 under Agenda Item No. 3.
Final Outcome
The NCLT allowed both applications. For IA (IBC)/215/2026, the Tribunal condoned the 200-day delay in UCO Bank's claim submission and officially took on record the revised list of creditors and the reconstituted CoC with UCO Bank holding 2.87% voting share. The order clarified that this does not constitute acceptance or rejection of any averments in the application.
For IA (IBC)/224/2026, the Tribunal granted a 30-day extension for the PIRP, effective from 14 May 2026 until 12 June 2026, based on the CoC's unanimous resolution. Both applications were disposed of accordingly.
Topics: Insolvency Proceedings, Creditor Committee Reconstitution, Process Timeline Extension