Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai
Order Date: 07.07.2026
Case Overview
The application was filed by the Liquidator in the matter of Piramal Capital Housing Finance Ltd versus Nellai Realtors Pvt Ltd (Main Petition Number: C.P. (IB)/110(CHE)2022). The hearing was conducted through video conferencing before Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical).
The Liquidator, represented by Counsel Shri. N.P. Vijaykumar, sought extension of the liquidation timeline until 30.12.2026. The need for extension arose when during the process of registering the sale certificate in favor of the successful bidder, the Sub-Registrar Office (SRO) identified that approximately 3 acres of land belonging to the Corporate Debtor (Nellai Realtors Pvt Ltd) had already been registered in the name of a third party. This discrepancy occurred due to duplicate entries reflected in the official records.
The matter was previously placed before the Stakeholders Consultation Committee (SCC) on 13.01.2026, where it was resolved to file this application seeking appropriate directions from the Tribunal. The Liquidator undertook to complete the liquidation process by 30.09.2026 and also committed to taking steps to assign the rights in respect of the disputed land to the auction purchaser.
Final Outcome
The NCLT allowed the application in part and extended the liquidation timeline until 30.09.2026 (instead of the requested 30.12.2026). The Tribunal issued specific directions to the Liquidator to complete the process by this new deadline and to file the dissolution application without seeking any further extensions. The application was disposed of with these directions.
Topics: Insolvency Proceedings, Land Title Dispute, Liquidation Timeline