Authority: National Company Law Tribunal, Amaravati Bench
Order Date: 16th June 2026
Case Overview
This application (IA (IBC)/225/2026) was filed by the Resolution Professional (Mr. K.M.K. Prasad) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016. The application sought to extend the period of the Personal Insolvency Resolution Process (PIRP) in respect of the Personal Guarantor, Sri Kanna Murali, by a further period of 30 days with effect from 14th May 2026.
The Counsel for the RP, Ms. G. Sumathi, Adv., submitted that the Creditors in their 4th meeting held on 4th May 2026 had unanimously passed a resolution under Agenda Item No. 3 with 100% voting share to extend the PIRP period by 30 days. The main company involved is M/s. R V R Marine Products Ltd, with IDBI Bank Limited as the petitioner/creditor. The original CP (IB)/49/95/AMR/2024 was admitted on 16th September 2025.
Final Outcome
The NCLT Bench comprising Shri Kishore Vemulapalli (Member Judicial) and Shri Umesh Kumar Shukla (Member Technical) allowed the application. They extended the PIRP period by 30 days effective from 14th May 2026 until 12th June 2026. The application was disposed of accordingly.
Topics: Insolvency Proceedings, Banking Sector