Authority: National Company Law Tribunal, Division Bench, Court-II Chennai
Order Date: 16 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai Bench heard matters related to corporate insolvency petition CP(IB)/130(CHE)2024 filed against Akshaya Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was filed by CAS Raghothamman representing homebuyers' interests. Three interlocutory applications were also being heard alongside the main petition: IA(IBC)/2323/CHE/2024, IA(IBC)/2367(CHE)2024, and IA(I.B.C)/448(CHE)2026, all filed under Rule 11 of NCLT Rules, 2016. The applications involved the Akshaya Today Struggling Buyers Association as either petitioner or respondent. The matter appears to involve real estate project delays and homebuyer payments.
Final Outcome
The NCLT directed Akshaya Pvt Ltd (Respondent) to submit a detailed progress report within two weeks, including percentage completion of projects and receipts of payments from home buyers, in accordance with the court's previous order dated 09 March 2026. The Petitioner was also directed to file a report on the status of progress within the same two-week timeframe. All matters - the main petition and the three applications - were listed for next hearing on 02 July 2026.
Topics: Real Estate Insolvency, NCLT Proceedings, Homebuyer Rights