Authority: National Company Law Tribunal (NCLT), Division Bench–I, Chennai
Order Date: 30 June 2026
Case Overview
This matter involves an application (IA(IBC)/1021(CHE)2026) filed within the main insolvency petition CP(IB)/211(CHE)/2022. The applicant, the Liquidator/Interim Resolution Professional (IRP) for Ambal Agencies, sought directions from the NCLT against the Respondent, Sargam Metals Pvt. Ltd., which is the Corporate Debtor in the proceedings. The specific relief sought was an order directing the Corporate Debtor to hand over its control and possession to the IRP.
The hearing was presided over by a bench comprising Hon'ble Shri. Sanjiv Jain, Member (Judicial), and Hon'ble Shri. Venkataraman Subramaniam, Member (Technical). The applicant was represented by Learned Counsel Shri. Varun Srinivasan.
Final Outcome
The NCLT did not issue a final ruling on the application for possession during this hearing. Instead, it issued a procedural direction. The tribunal directed the applicant (the Liquidator) to serve a copy of the application on the promoter director of the Corporate Debtor. The matter was adjourned, and the next hearing is scheduled for 14 August 2026, at which point the promoter director is expected to file a reply.
Topics: Insolvency, Corporate Debtor, NCLT Proceeding