Authority: National Company Law Tribunal (NCLT), Amaravati Bench
Order Date: 10 July 2026
Case Overview
This order pertains to several Interlocutory Applications (IAs) filed in the ongoing liquidation proceedings of Veda Biofuel Ltd. The main TCP was initiated by Priya Trading Company, an operational creditor, against the corporate debtor, Veda Biofuel Ltd, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The company is under liquidation, with Dr. Kondapalli Venkat Srinivas serving as the Liquidator. The specific applications in focus are IA (IBC)/330/2024 and IA (IBC)/327/2024.
During a hearing on 13 March 2026, the counsel for the applicant in these IAs sought and was granted two weeks' time by the tribunal to file a valuation report along with a supporting affidavit. It is noted that the counsel for the liquidator did not raise any objection to this filing on that date. The applicant's counsel subsequently reported that the tribunal's registry had declined to accept the valuation report, treating the filing as defective.
Final Outcome
The NCLT bench, comprising Member (Judicial) Shri Kishore Vemulapalli and Member (Technical) Shri Umesh Kumar Shukla, directed the registry to accept and place on record the valuation report and accompanying affidavit filed by the applicant. This direction was issued because the tribunal had previously permitted the filing and the liquidator had not raised any prior objection. The matter has been adjourned to 22 July 2026 for further consideration along with other connected applications (IAs).
Topics: Insolvency Proceedings, NCLT Order