Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 16 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard matters related to Company Petition CP(CA)/17/CHE/2024 filed by M B Mahalakshmi against Montane Shipping Pvt Ltd & Ors. The hearing also addressed two interlocutory applications: IA(CA)/189(CHE)2025 and IA(CA)/106(CHE)/2026.
During the proceedings, counsel for the respondents informed the tribunal that respondent Mr. S Padmanabhan had passed away on 15 May 2026. A copy of the death certificate was e-filed with the tribunal, and it was confirmed that the legal heirs of the deceased are already on record in the proceedings.
The tribunal heard partial arguments on the main petition and issued a specific directive to the respondents' counsel to provide a detailed breakdown of amounts paid to directors and shareholders during the financial years 2020-2021 through 2025-2026.
Final Outcome
The tribunal adjourned the matter and listed the main petition along with the applications for further arguments on 24 July 2026. The bench comprised Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical).
Topics: NCLT Proceedings, Corporate Insolvency, Director Payments