Authority: National Company Law Tribunal, Division Bench (Court–I) Chennai
Order Date: 18 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard two interconnected applications filed in the matter of Indian Overseas Bank versus Subhashri Bio Energies Pvt Ltd (Main Petition CP(IBC)/203/CHE/2020). The applications were IA(IBC)/963(CHE)2026 seeking extension of liquidation timeline by 6 months from 01 April 2026 to 30 September 2026, and IA(IBC)/964(CHE)2026 seeking condonation of delay of 60 days in filing the extension application. The Liquidator, represented by counsel Mr. B. Dhanaraj, appeared before the bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical).
The Tribunal noted that all assets of the Corporate Debtor (Subhashri Bio Energies Pvt Ltd) had been sold. However, an appeal is pending before the National Company Law Appellate Tribunal (NCLAT) where the effect and operation of the NCLT's previous order dated 30 January 2025 has been kept in abeyance.
The order dated 30 January 2025 contained three key directions: (i) The Liquidator was directed to release four specific vehicles (TN34T6140, TN34T6184, TN34V9706, and TN34S9687) to the Successful Bidder Mr. A. Marimuthu; (ii) The request of Shriram Finance Limited seeking directions to the Liquidator to surrender hypothecated vehicles was declined, though liberty was given to SFL to file a claim for balance consideration before the Liquidator; (iii) The prayer of the Liquidator to declare that the Directors had carried on business with intent to defraud creditors was declined.
Final Outcome
The NCLT condoned the 60-day delay in filing the extension application and granted the requested 6-month extension of the liquidation timeline until 30 September 2026. Both applications (IA(IBC)/963(CHE)2026 and IA(IBC)/964(CHE)2026) were disposed of accordingly.
Topics: Insolvency Proceedings, Liquidation Timeline Extension, NCLT Order