Authority: National Company Law Tribunal (NCLT), Amaravati Bench
Order Date: 13 July 2026
Case Overview
This order pertains to an application (IA (IBC)/269/2026) filed in the matter of CP(IB)/58/95/AMR/2023, which was admitted on 03 June 2025. The application was filed by the Resolution Professional under Rule 11 of the NCLT Rules, 2016, seeking a further extension of 64 days for the Personal Insolvency Resolution Process (PIRP). The extension was requested to cover the period from 29 June 2026 to 31 August 2026. The purpose of this extension is to enable the sole Financial Creditor, IndusInd Bank Limited, to consider, approve, and vote upon a Revised Repayment Plan, thereby facilitating the successful completion of the PIRP.
The Counsel for the Applicant submitted that the Committee of Creditors (CoC), consisting solely of IndusInd Bank Ltd., resolved in its 3rd Meeting held on 10 June 2026 (via Agenda Item No. B1) to seek this extension. The Tribunal considered these submissions and the CoC resolution.
The Bench also referenced a recent judgment by the National Company Law Appellate Tribunal (NCLAT) in the matter of Purushottam Behera vs. State Bank of India & Ors. (Company Appeal (AT) (Ins.) No. 258 of 2026, decided on 26 February 2026). Based on this precedent, the Tribunal explicitly clarified that while the PIRP period is being extended, this does not constitute an extension of the moratorium period, whose outer limit remains fixed at 180 days as per law.
Final Outcome
The application IA (IBC)/269/2026 was allowed and disposed of. The PIRP period for the Personal Guarantor is officially extended for 64 days, from 29 June 2026 to 31 August 2026. However, the moratorium period is not extended beyond its statutory limit of 180 days.
Topics: Insolvency Resolution, Legal Proceedings