Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai
Order Date: 06.07.2026
Case Overview
The hearing concerned IA(I.B.C)/1095(CHE)2026, an application filed by the Liquidator, Mr. Chandrasekhar Sagutoor, seeking extension of the liquidation timeline for EAP Infrastructure Pvt Ltd from 30.06.2026 to 30.09.2026. The Corporate Insolvency Resolution Process (CIRP) was initiated on 02.09.2021, and the liquidation process commenced on 23.11.2022. The Liquidator reported that the Corporate Debtor possesses no assets except one bank account with Axis Bank containing a balance of Rs.45,000. The Bank informed the Liquidator about pending bill of entries (BOE) that require regularization and clearance as per FEMA guidelines before the account can be closed. The promoter was requested to provide contact details of the beneficiary and clarify whether supplies were made against the foreign remittance, but no response was received. The Liquidator also noted that members of the Stakeholders Consultation Committee (SCC) need to clear the liquidation fee and expenses as detailed in paragraph 12 of the application. The Tribunal noted that it had previously declared scrap assets as onerous property via order dated 04.12.2025.
Final Outcome
The Tribunal denied the request for extension of the liquidation timeline. Instead, it directed the Liquidator to file an application for dissolution of the company. The Liquidator was instructed to serve a copy of this application on the SCC members regarding clearance of fees and expenses payable to the Liquidator. The matter was listed for next hearing on 23.07.2026.
Topics: NCLT Order, Liquidation Process, Corporate Dissolution