Authority: National Company Law Tribunal, Bengaluru Bench
Order Date: 09 June 2026
Case Overview
The order addresses three Interlocutory Applications (IAs) in the ongoing Corporate Insolvency Resolution Process (CIRP) of M/s Vasoo Builders Pvt Ltd. IA(IBC) 253/2026 was filed by the Resolution Professional (RP) seeking a 60-day extension of the CIRP period, which was set to expire on 16 March 2026. The RP cited two primary reasons for the extension: (1) The transaction audit report was received on 10 March 2026, and its observations were shared with the Suspended Board of Directors for their response, a process that remained pending; and (2) The 5th meeting of the Committee of Creditors (CoC), scheduled for 11 March 2026, could not be convened due to the unavailability of the sole CoC member, the State Bank of India. The CoC, via an email dated 13 March 2026, had unanimously approved (with 100% voting share) the proposal to extend the CIRP and authorized the RP to file the application. The other two applications, IA (IBC) 261/2026 and IA (IBC) 386/2026, were the 6th and 7th progress reports for the periods 20 February 2026 to 22 March 2026 and 03 March 2026 to 22 April 2026, respectively.
Final Outcome
The bench, comprising Judicial Member Shri. Sunil Kumar Aggarwal and Technical Member Shri. Radhakrishna Sreepada, allowed IA(IBC) 253/2026. The CIRP period for Vasoo Builders Pvt Ltd was officially extended by 60 days, from 17 March 2026 to 16 May 2026. The two applications containing the progress reports (IA 261/2026 and IA 386/2026) were taken on record and disposed of. The main company petition (C.P. (IB) No. 149/BB/2024) was listed for the next hearing on 10 August 2026.
Topics: Insolvency, Corporate Law