Authority: National Company Law Tribunal, Division Bench-I, Chennai
Order Date: 30 June 2026
Case Overview
The application was filed in the matter of E Pearson & Co. Ltd. versus Sheba Marine Engineering Pvt. Ltd. (Main Petition Number: CP(IB)/61/CHE/2023). The specific application (IA(IBC)/1012/CHE/2026) was filed by the Liquidator seeking extension of the liquidation timeline for a period of 60 days from 31 May 2026. The Liquidator stated that the successful bidder had not remitted the bid amount till date and there were difficulties in handing over the assets of the Corporate Debtor to the bidder.
Final Outcome
The NCLT Division Bench comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical) recorded the submissions and extended the liquidation timeline till 30 July 2026. The application was disposed of after granting the extension.
Topics: Insolvency Proceedings, Liquidation Timeline Extension, NCLT Order