Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai
Order Date: 30 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard two interim applications related to the corporate insolvency resolution process of Amar Prakaash Developers Private Limited. The main petition CP(IBC)/73(CHE)/2022 involves K V Capital versus Amar Prakaash Developers Pvt Ltd.
Application IA(IBC)/815(CHE)/2026 was filed by Ayra Consortium seeking dereservation of IA(IBC)(Plan)/11(CHE)/2025 and recall of the order dated 30.03.2026, citing the Supreme Court judgment in Jaypee Kensington Boulevard Apartments Welfare Association & Ors. v. NBCC (India) Ltd. & Ors. (Civil Appeal No. 3395 of 2020). During earlier hearings on 08.05.2026, the applicant had requested keeping the application in abeyance as the plan had been dereserved and sent to the Committee of Creditors (CoC).
Application IVN.P(IBC)/08(CHE)/2026 was filed by a homebuyer who purchased flat C-517, 5th Floor, Block C, Phase-I, Temple Waves, Kundrathur. The applicant had not received possession and had obtained an order from the District Consumer Disputes Redressal Forum, Chengalpattu (CC. No. 76 of 2017) on 20.02.2019 directing possession delivery. The applicant missed the claim filing during CIRP due to living far from Chennai and missing publication notices.
Final Outcome
The Tribunal disposed of both applications. For IA(IBC)/815(CHE)/2026, the application was disposed of as the resolution plan had been approved by the CoC with 96.71% voting share in the meeting held on 10.06.2026. For IVN.P(IBC)/08(CHE)/2026, the Tribunal directed that the Successful Resolution Applicant must honor the sale deed and consumer forum order subject to verification, and deliver possession to the homebuyer after receiving the outstanding amount of Rs. 14,000, which the applicant undertook to pay.
Topics: Insolvency Resolution, Homebuyer Rights