Authority: National Company Law Tribunal, Amaravati Bench
Order Date: June 29, 2026
Case Overview
This matter concerns Interim Application (IA) No. IBC/187/2025 in the main TCP (IB)/40/7/AMR/2019 case between Stressed Assets Stabilization Fund (Financial Creditor) and Sri Vasavi Industries Ltd (Corporate Debtor). The corporate insolvency resolution process was admitted on October 28, 2019, and the resolution plan was approved on November 10, 2021. The current application is filed under Sections 7, 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016.
During the hearing on March 17, 2026, the Successful Resolution Applicant (SRA) had accepted notice. In the current hearing, Ms. Himangi Arora, appearing as Proxy Counsel for the SRA, submitted that they are not a party to this specific interim application and therefore could not upload the compliance memorandum through online systems. She sought a one-week extension to complete the process of uploading both the Vakalat (power of attorney) and compliance memorandum regarding implementation of the Resolution Plan.
Final Outcome
The NCLT Bench comprising Member (Judicial) Shri Kishore Vemulapalli and Member (Technical) Shri Umesh Kumar Shukla granted the requested one-week extension to the Successful Resolution Applicant to complete the filing of necessary documents. The matter has been listed for next hearing on July 13, 2026, to review compliance with the resolution plan implementation requirements.
Topics: Corporate Insolvency, Resolution Plan Compliance, NCLT Proceedings