Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai
Order Date: 07 July 2026
Case Overview
This matter concerns Corporate Insolvency Resolution Process (CIRP) case CP(IB)/1352(CHE)2018, where Kotak Mahindra Bank Ltd is the petitioner and Prasad Properties And Investments Pvt Ltd is the corporate debtor. The case has progressed to the liquidation stage. The Liquidator filed application IA(I.B.C)/1133(CHE)2026 seeking an extension of the liquidation timeline until 31 December 2026.
During the hearing held via video conference, the Liquidator's counsel, Mr. N.P. Vijaykumar, appeared and provided instructions. The Liquidator submitted a revised undertaking to complete the liquidation process, including distribution of proceeds, by 16 August 2026 instead of the originally requested December date.
Final Outcome
The NCLT bench comprising Member (Judicial) Shri Sanjiv Jain and Member (Technical) Shri Venkataraman Subramaniam recorded the Liquidator's submissions and granted an extension of the liquidation timeline until 16 August 2026. The tribunal issued specific directions to the Liquidator to file the dissolution application by this deadline without seeking any further extensions. The application IA(I.B.C)/1133(CHE)2026 was disposed of accordingly.
Topics: Insolvency Proceedings, Liquidation Timeline, NCLT Order