Authority: National Company Law Tribunal, Amaravati Bench
Order Date: July 6, 2026
Case Overview
The National Company Law Tribunal (NCLT) Amaravati Bench heard Interim Application No. IA(IBC)/372/2025 in the main petition CP(IB)/12/7/AMR/2025. The application was filed within insolvency proceedings initiated by Canara Bank (Financial Creditor) against M/s Sri Krishna Stockist & Traders Pvt Ltd (Corporate Debtor) under Sections 7, 19(2), and 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the NCLT Rules, 2016. The main petition was admitted on August 20, 2025. The matter was heard by a bench comprising Shri Kishore Vemulapalli, Member (Judicial) and Shri Umesh Kumar Shukla, Member (Technical).
During the hearing, counsel for the Resolution Professional (RP) submitted that the respondents (Corporate Debtor) are required to provide the requisite information as sought by the RP. However, the RP's counsel requested that the matter be kept pending until the appointment of a liquidator, indicating a potential transition from resolution to liquidation proceedings.
Final Outcome
The NCLT Bench did not issue any immediate directive for providing information but listed the matter for further consideration on September 1, 2026. The order effectively defers the resolution professional's request for information until after the appointment of a liquidator, suggesting the corporate insolvency resolution process may be moving toward liquidation.
Topics: Insolvency Proceeding, NCLT Order, Corporate Debtor