Authority: National Company Law Tribunal, Hyderabad Bench – 1
Order Date: 16-06-2026
Case Overview
This proceeding arises from an application (IA (IBC) 1248/2025) filed within the main insolvency petition CP(IB) No. 87/9/HDB/2024, which was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was heard by a bench comprising Hon'ble Member (Judicial) Sh. Rajeev Bhardwaj and Hon'ble Member (Technical) Sh. Sanjay Puri. The applicant is the Resolution Professional (RP) involved in the corporate insolvency resolution process of M/s. Vivin Drugs & Pharmaceuticals Ltd. (Corporate Debtor). The respondents, who were served notice but did not appear, are parties in possession of assets belonging to the corporate debtor.
The RP's application sought the court's direction for the respondents to cooperate with the resolution process, specifically by handing over possession of four vehicles owned by the corporate debtor and furnishing necessary related information and documents. The tribunal noted that it is the statutory duty of every stakeholder to cooperate and assist the RP, but the respondents had failed to do so and had nothing to say regarding handing over the assets.
Final Outcome
The NCLT allowed the application and issued an ex-parte order directing the respondents to:
1. Hand over possession of the four vehicles to the Resolution Professional within 15 days from the date of the order (16-06-2026).
2. Furnish all necessary information and documents to the applicant within the same 15-day deadline.
3. If the information, documents, or vehicles are not available, the respondents must submit reasons for their unavailability within 7 days of receiving the notice.
The application was disposed of accordingly.
Topics: Insolvency Resolution, Asset Recovery