Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai
Order Date: 09 June 2026
Case Overview
The application IA(IBC)/930(CHE)2026 was filed by the Liquidator of Crosby Engineering Pvt Ltd seeking extension of the liquidation timeline until 30 November 2026. The matter involves the corporate insolvency resolution process under CP(IBC)/642/CHE/2019 between Crosby Engineering Pvt Ltd and Free World Exports Pvt Ltd. The bench observed that despite previous directions to sell remaining assets through private sale, the Liquidator had not taken effective steps to complete the asset disposal process.
Final Outcome
The NCLT partially allowed the application by extending the liquidation timeline only until 31 July 2026 instead of the requested November 2026 extension. The tribunal issued specific directions for the Liquidator to complete the liquidation process without seeking any further extensions and to file the dissolution application by the new deadline. The application was disposed of with these directions.
Topics: Corporate Insolvency, Liquidation Process, NCLT Proceedings