Authority: National Company Law Tribunal, Ahmedabad Bench (Court-2)
Order Date: 17/06/2026
Case Overview
The application IA/887(AHM)2026 was filed in the matter of CP(IB)/200(AHM)2021, which involves Kotvark Industries Limited (formerly known as Yamuna Bio Energy Pvt Ltd) as the applicant and Global Medicines Ltd as the respondent. The proceedings are under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional sought an extension of the Corporate Insolvency Resolution Process (CIRP) beyond the initial 180-day period, which was set to expire on June 3, 2026. The request for extension was made on the grounds that certain Interlocutory Applications (IAs) are pending and some Prospective Resolution Applicants (PRAs) are under consideration for approval of their resolution plans.
Final Outcome
The NCLT bench comprising Member (Judicial) Mrs. Chitra Hankare and Member (Technical) Dr. Velamur G Venkata Chalapathy allowed the application and extended the CIRP period by 90 days, from June 4, 2026, to September 1, 2026. The Resolution Professional was directed to complete the CIRP process within this extended timeframe. The application IA/887(AHM)2026 stands disposed of with this order.
Topics: Insolvency Proceeding, NCLT Order, CIRP Extension