Authority: National Company Law Tribunal, Division Bench-I, Chennai
Order Date: 22 June 2026
Case Overview
The hearing concerned an application (IA(IBC)/996(CHE)/2026) filed by the Resolution Professional of Best & Crompton Engineering Projects Ltd, seeking extension of the Corporate Insolvency Resolution Process (CIRP) timeline. The main petition is CP(IBC)/183(CHE)/2024. The RP sought a 60-day extension from 1 July 2026 to facilitate the consideration of a revised settlement proposal under Section 12A of the Insolvency and Bankruptcy Code.
The Tribunal noted that in its previous order dated 11 June 2026, it had considered submissions from the applicant/promoter director regarding the revised 12A proposal containing terms deliberated by the Committee of Creditors. The proposal was sent to the corporate office for approval, which was still awaited at the time of this hearing.
The RP submitted that two previous resolution plans had been received but were rejected as unviable. The liquidation value was stated to be significantly lower than the offer made by the promoter director in the 12A proposal. The RP argued that granting an extension would enable value maximization for stakeholders.
Final Outcome
The NCLT bench comprising Member (Judicial) Sanjiv Jain and Member (Technical) Venkataraman Subramaniam allowed the application and extended the CIRP timeline until 16 August 2026. The application was disposed of with this direction.
Topics: Insolvency Proceedings, NCLT Order, Corporate Restructuring