Authority: National Company Law Tribunal (NCLT), Indore Bench, Court No. 1
Order Date: 09/06/2026
Case Overview
This matter pertains to an interlocutory application (IA(Liq.)/1(MP)2026) filed in the main insolvency proceeding TP 258 of 2019 [CP(IB) 111 of 2018], which is being heard under Section 33 of the Insolvency and Bankruptcy Code, 2016. The applicant is CMA Vijender Sharma, representing VRSA Insolvency Professionals LLP. The proceedings involve a hydro-electric project. The Tribunal had previously issued a detailed order on 15.04.2026 containing certain directions and specifically seeking a response from the Government of Madhya Pradesh regarding the project. During this hearing, counsel for the state government appeared and submitted that the matter is under active discussion at the state government level and that further time is required for its implementation. Counsel for the promoters and ex-directors also appeared, noting that certain litigations related to this matter are pending before the National Company Law Appellate Tribunal (NCLAT) and this Tribunal. They have filed an application seeking reliefs concerning the Tribunal's order dated 15.04.2026, which is awaiting listing.
Final Outcome
The Tribunal granted the Government of Madhya Pradesh a final extension of six weeks to file its comprehensive reply regarding the hydro-electric project. The matter has been adjourned and is next listed for further consideration on 05.08.2026.
Topics: NCLT Proceeding, Corporate Insolvency, Hydro-Electric Project