NCLT Grants Ethnic Agros Liquidator PUFE Audit Extension

Authority: National Company Law Tribunal, Amaravati Bench

Order Date: 29.06.2026

Case Overview

This matter concerns the liquidation proceedings of Ethnic Agros Ltd, which was approved for liquidation by the NCLT on 27.03.2023. The case originated from an application filed by State Bank of India as Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The current application (IA (IBC)/(DIS)/2/2025) was filed by the liquidator seeking extension of time for completing transaction audit procedures.

The liquidator, represented by Ms. Devangi (PCS), informed the tribunal that a Transaction Auditor had been appointed on 12.06.2026 to conduct a transaction audit for identifying Preferential, Undervalued, Fraudulent, and Extortionate (PUFE) transactions as per the Insolvency and Bankruptcy Board of India Regulations, 2016.

Final Outcome

The NCLT bench comprising Shri Kishore Vemulapalli (Member Judicial) and Shri Umesh Kumar Shukla (Member Technical) granted a four-week extension to the liquidator for filing the PUFE application. The matter has been listed for further consideration on 07.08.2026.

Topics: Insolvency Proceedings, Liquidation Process, Transaction Audit