Authority: National Company Law Tribunal (NCLT), Division Bench–I, Chennai

Order Date: 14 July 2026

Case Overview

The National Company Law Tribunal (NCLT), Chennai, presided over by Member (Judicial) Shri Sanjiv Jain and Member (Technical) Shri Venkataraman Subramaniam, heard matters related to main petition C.P. (IB)/340(CHE)2025, Bank of Baroda vs. Ramkhumar Narasimhan. Two Interlocutory Applications (IAs) were heard during this proceeding.

IA(I.B.C)/1170(CHE)2026: This application was filed by the Bankruptcy Trustee, represented by Ld. Counsel Shri R. Praveen. The Trustee sought several reliefs against Respondent No. 1 (the Bankrupt, Ramkhumar Narasimhan) and Respondent No. 2 (the Sole Secured Creditor). The key reliefs sought were:

  • A direction for the Bankrupt to hand over vacant possession of a subject property within 30 days.
  • A direction for the Sole Secured Creditor, who had relinquished its security interest to the bankruptcy estate, to hand over all original title deeds, mortgage documents, and other pertinent documents related to the secured asset to the Trustee.
  • Authorization for the Trustee to sell the subject property under Regulation 27 of the IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, free from all encumbrances and with vacant possession, and to distribute the proceeds as per the Insolvency and Bankruptcy Code, 2016.

The Bankruptcy Trustee stated that the subject property is the only property of the bankrupt and is currently occupied by him.

IA(I.B.C)/1172(CHE)2026: This application was filed by the Bankruptcy Trustee, Shri Ramakrishnan Sadasivan, in person. It sought to take on record the 2nd Progress Report for the period from 24 April 2026 to 24 June 2026.

Final Outcome

For IA/1170, the Tribunal directed the Applicant (Bankruptcy Trustee) to serve a copy of the application on the Respondent/Bankrupt (Ramkhumar Narasimhan). The application was listed for the next hearing on 13 August 2026. For IA/1172, the Tribunal took the submitted progress report on record, subject to all just exceptions, and disposed of the application.

Topics: Insolvency Proceeding, Bankruptcy Trustee, Secured Asset