Authority: National Company Law Tribunal, Amaravati Bench
Order Date: 13 July 2026
Case Overview
This order pertains to an application (IA (IBC)/267/2026) filed in the matter of CP (IB)/56/95/AMR/2023, which was admitted on 03 June 2023. The application was filed by the Resolution Professional under Rule 11 of the NCLT Rules, 2016, seeking extension of the Personal Insolvency Resolution Process (PIRP) for Mr. Nukala Venkata Satyanarayana, who is the personal guarantor for Vamsee Teja Modern Rice Pvt. Ltd. The creditor is IndusInd Bank Limited.
The Resolution Professional sought a further extension of 64 days for the PIRP, specifically from 29 June 2026 to 31 August 2026. The purpose of this extension was to enable the sole Financial Creditor (IndusInd Bank Ltd.) to consider, approve, and vote upon a Revised Repayment Plan, thereby facilitating successful completion of the PIRP.
The Counsel for the Applicant submitted that the Committee of Creditors (CoC), consisting solely of IndusInd Bank Ltd., in its 3rd Meeting held on 10 June 2026, had resolved through Agenda Item No. B1 to seek this extension of the PIRP period for 64 days.
The Tribunal considered the submissions and the resolution passed by the CoC. It noted the recent judgment rendered by the Hon'ble NCLAT in the matter of Purushottam Behera vs. State Bank of India & Ors. (Company Appeal (AT) (Ins.) No. 258 of 2026, decided on 26 February 2026).
Final Outcome
The NCLT allowed the application and granted the 64-day extension of the PIRP period from 29 June 2026 to 31 August 2026. However, the Tribunal made it explicitly clear that this extension of the PIRP period does not constitute an extension of the moratorium period, whose outer limit remains 180 days as per the NCLAT judgment cited. The application was disposed of accordingly.
Topics: Personal Insolvency, NCLT Proceedings, Bank Guarantee