Authority: National Company Law Tribunal (NCLT), Division Bench (Court–I), Chennai
Order Date: 09 June 2026
Case Overview
This hearing concerned an application (IA(IBC)/915(CHE)2026) filed in the main petition CP(IBC)/624/CHE/2019, which is an insolvency proceeding initiated by Indian Overseas Bank against Coastal Energy Pvt Ltd. The application was filed by the Liquidator of Coastal Energy Pvt Ltd, represented by counsel Ms. Deepa Mariappan. The purpose of the application was to seek an extension of the corporate liquidation process timeline by six months, from 01 June 2026 to 30 November 2026. The primary reason cited for needing the extension was the existence of pending appeals related to the matter, for which an order from the National Company Law Appellate Tribunal (NCLAT) is still awaited. Furthermore, another application pertaining to this case is pending before the NCLT itself and is scheduled for a hearing on 23 June 2026.
Final Outcome
After hearing the submissions and perusing the application, the bench comprising Member (Judicial) Shri Sanjiv Jain and Member (Technical) Shri Venkataraman Subramaniam disposed of the application (IA(IBC)/915(CHE)2026). The Tribunal granted an extension of the liquidation timeline; however, it was not for the full six months as requested. The timeline was extended for two months, until 31 July 2026.
Topics: Insolvency, NCLT, Liquidation