Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 06 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard two interlocutory applications (IA(IBC)/2056(CHE)2025 and IA(IBC)/1071/CHE/2026) in the main insolvency petition CP(IB)/129(CHE)/2022 between Piramal Capital & Housing Finance Ltd (Financial Creditor) and Venue Developers Pvt Ltd (Corporate Debtor). The hearing was conducted through video conference before a bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical).
In application IA(IBC)/2056(CHE)2025, represented by Mr. A.S. Sathish Kumar (PCS) for the successful auction purchaser and Mr. N.P. Vijaykumar (Counsel) for the Liquidator, the Liquidator submitted that the auction land in question is not an asset of Piramal Capital & Housing Finance Ltd (PACL). The matter regarding this land is currently being looked after by the Justice Lodha Committee.
The Tribunal directed the applicant (successful auction purchaser) to cooperate with the Liquidator and appear before the Justice Lodha Committee in relation to the subject land for the purpose of removal of attachment.
In application IA(IBC)/1071/CHE/2026, represented by Mr. Ashlin Christo (Counsel) for the Applicant and Mr. N.P. Vijaykumar (Counsel) for the Liquidator, the Liquidator sought and was granted two weeks' time to file a reply.
Final Outcome
Both applications were adjourned to 04 September 2026 for further hearing. The successful auction purchaser must cooperate with the Liquidator and appear before the Justice Lodha Committee regarding the attached land, which is confirmed not to be an asset of Piramal Capital & Housing Finance Ltd.
Topics: Insolvency Proceedings, Land Attachment, Regulatory Compliance