Authority: National Company Law Tribunal (NCLT), Division Bench–I, Chennai
Order Date: July 15, 2026
Case Overview
This order pertains to an interlocutory application (IA(I.B.C)/1173(CHE)2026) filed within the main corporate insolvency resolution process (C.P. (IB)/25(CHE)2025). The application was filed by a Resolution Professional (RP) under the specific provisions of Section 66 of the Insolvency and Bankruptcy Code (IBC), 2016. This section deals with fraudulent trading or wrongful trading and empowers the resolution professional to file an application to the Adjudicating Authority (NCLT) for examining the conduct of any person who was involved in carrying on the business of the corporate debtor with intent to defraud creditors or for any fraudulent purpose. The respondents in the application are the promoter directors of the corporate debtor, Ushdev Windpark Pvt. Ltd. The financial creditor in the main petition is Canara Bank. The matter was heard by a bench comprising Member (Judicial) Shri Sanjiv Jain and Member (Technical) Shri Venkataraman Subramaniam via video conferencing, with Ld. Counsel Shri Shivam Gautam appearing for the Applicant/RP.
Final Outcome
The NCLT did not rule on the merits of the application but issued a procedural direction. The tribunal directed the applicant (the Resolution Professional) to serve a copy of the application under Section 66 of IBC on the Respondents, who are the Promoter Directors of Ushdev Windpark Pvt. Ltd. This service is to be effected to enable them to appear, file their reply, and be heard on the next date of hearing, which is scheduled for August 4, 2026.
Topics: Insolvency Proceeding, Fraudulent Trading, NCLT Order