Authority: National Company Law Tribunal, Amaravati Bench

Order Date: 16 June 2026

Case Overview

The National Company Law Tribunal (NCLT) Amaravati Bench, comprising Hon'ble Member (Judicial) Shri Kishore Vemulapalli and Hon'ble Member (Technical) Shri Umesh Kumar Shukla, heard two interconnected applications (IA (IBC)/214/2026 and IA (IBC)/220/2026) in the matter of CP (IB)/52/95/AMR/2024. The proceedings involve IDBI Bank Limited as the Petitioner/Creditor against Sri. Rebba Babu Rao (Personal Guarantor) and M/s. R V R Marine Products Ltd. as Respondents. The corporate petition was admitted on 16 September 2025, and the applications were filed under Sections 95, 60(5), 104, and 110 of the Insolvency and Bankruptcy Code, 2016, along with Rule 11 of the NCLT Rules, 2016.

The first application (IA (IBC)/214/2026) was filed by the Resolution Professional, Mr. K.M.K. Prasad, seeking condonation of a 200-day delay in claim submission by UCO Bank in the ongoing Personal Insolvency Resolution Process (PIRP) of Sri Rebba Babu Rao. UCO Bank had submitted its claim as a Financial Creditor on 02 May 2026, which was 200 days beyond the last date for claim submission (14 October 2025). Based on supporting documents, the RP revised the list of creditors and reconstituted the Committee of Creditors (CoC), assigning UCO Bank a 1.87% voting share.

The second application (IA (IBC)/220/2026) was filed by the RP seeking extension of the PIRP period by 30 days effective from 14 May 2026. The Counsel for the RP, Ms. G. Sumathi, Adv., submitted that the creditors in their 5th meeting held on 08 May 2026 had unanimously passed a resolution with 100% voting share to extend the PIRP period by 30 days.

Final Outcome

The NCLT allowed both applications. For IA (IBC)/214/2026, the Tribunal condoned the 200-day delay in claim submission by UCO Bank and took on record the revised list of creditors and reconstituted CoC with UCO Bank's 1.87% voting share, subject to just exceptions. The order clarified that this does not constitute acceptance or rejection of any averments in the application. For IA (IBC)/220/2026, the Tribunal extended the PIRP period by 30 days from 14 May 2026 to 12 June 2026 based on the CoC's unanimous resolution. Both applications were disposed of accordingly.

Topics: Insolvency Proceedings, Creditor Rights, Timeline Extension