Authority: National Company Law Tribunal Division Bench, Court-II Chennai

Order Date: July 13, 2026

Case Overview

The National Company Law Tribunal (NCLT) Chennai Bench heard an interim application (IA(I.B.C)/856(CHE)2026) filed in the main insolvency petition C.P. (IB)/164(CHE)2024. The applicant, Vijay R Vakharia (Karta of Vijay Kumar HUF), filed against the respondent, CA Mahalingam Suresh Kumar (Resolution Professional of Lokaa Housing Pvt Ltd), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 14 of IBBI Regulations, 2016.

The applicant's claim consists of two parts: an outstanding principal amount of Rs 5,00,00,000 (5 crores) from Lokaa Housing Pvt Ltd and an interest portion of Rs 9,25,17,122, totaling Rs 14,25,17,122. The applicant relied on a letter dated April 27, 2019, stated to have been written by Lokaa Housing Pvt Ltd to Mr. Vijayakumar.

The Respondent Resolution Professional stated that he had sought specific documentary proof, including bank statements, to corroborate the applicant's claim, particularly regarding the interest component. This request was evident from an email dated January 3, 2026, but the applicant had not provided the required documentation.

The Tribunal observed that the applicant needed to substantiate their claim with proper evidence and directed them to submit documents including books of account, audited financial statements, a certificate from a Chartered Accountant, and bank statements. The applicant's counsel stated they were not in possession of the bank statements, and the Tribunal granted the applicant an opportunity to provide all corroborative documents within two weeks.

Final Outcome

The NCLT directed the applicant to submit all required documentary evidence within two weeks, with copies to be served to the Resolution Professional. The application has been listed for further hearing on August 24, 2026. The outcome of the claim remains pending until proper documentation is submitted and reviewed.

Topics: Insolvency Proceedings, Debt Claim Verification, Corporate Litigation