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

Order Date: 12 June 2026

Case Overview

This is an order from a hearing in the matter of CP(IB)/175/CHE/2025, an application filed by Manza Retail Pvt. Ltd. under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. Section 10 allows a corporate debtor to initiate a voluntary corporate insolvency resolution process (CIRP). The corporate applicant, Manza Retail, was represented by counsel Shri B. Thilak Narayanan. A financial creditor, Hero FinCorp Limited, was represented by counsel Shri Samarth Gogla. During the hearing, Hero FinCorp's counsel stated that this insolvency petition had been filed by the corporate debtor without first approaching the bank (creditor) for restructuring or renewal of its credit limit.

The Tribunal has issued a comprehensive directive, ordering the corporate applicant to submit a vast array of detailed information and documents relating to its financial and operational status. This is a procedural step to gather all necessary data to proceed with the CIRP.

Final Outcome

The Tribunal has directed Manza Retail Pvt. Ltd. to file the requested details by way of a memo within three weeks from the order date (i.e., by 03 July 2026). The extensive list of required information includes:

  • Financial Records: Books of account for the preceding three financial years or since incorporation.
  • Assets: A complete particulars of all assets, including immovable and movable properties, inventory, investments in securities/subsidiaries/joint ventures, intangible assets (IPR, digital assets), and a list of receivables with evidence.
  • Liabilities: Details of all secured and unsecured creditors with outstanding amounts, complete with contact details and claim particulars.
  • Legal & Regulatory: Lists of all ongoing litigations, disputes, and arbitration proceedings; details of all regulatory approvals and licenses; details of statutory compliances (MCA, Income-Tax, GST); details of demand notices or recovery proceedings under tax laws; and details of any proceedings under PMLA, Benami Act, FEMA, or the Companies Act.
  • Operations: List of all employees and workmen with their outstanding dues; particulars of subsidiaries, JVs, and associate companies; details of corporate guarantees; statement of related-party transactions; organization structure and key managerial personnel; details of Joint Development Agreements.
  • Real Estate Specific: Details of all allottees and their claims, as per the company's books or records with the Real Estate Regulatory Authority (RERA).
  • Other: Any other information the company considers relevant for the CIRP.

The matter has been listed for its next hearing on 11 August 2026.

Topics: Insolvency Proceeding, Corporate Disclosure, Regulatory Compliance