Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai
Order Date: 06 July 2026
Case Overview
The matter involves insolvency proceedings against Vijay Spinners Pvt Ltd, with Syndicate Bank as the petitioner. The main petition CP (IB)/988(CHE)2018 is undergoing liquidation. The Liquidator filed application IA(I.B.C)/1110(CHE)2026 seeking an extension of the liquidation timeline until 27 December 2026. The request was made because the last two e-auctions of the company's assets failed to attract successful bidders. The Liquidator has placed the matter before the Stakeholders Consultation Committee (SCC) to explore the possibility of a private sale instead of auction, and the SCC needs time to decide on this alternative approach.
Final Outcome
The NCLT bench, comprising Member (Judicial) Sanjiv Jain and Member (Technical) Venkataraman Subramaniam, considered the submissions and granted an extension of the liquidation timeline until 30 September 2026. The application IA(I.B.C)/1110(CHE)2026 was disposed of with this direction.
Topics: Insolvency Proceedings, Liquidation Timeline Extension, Asset Sale