Authority: National Company Law Tribunal, Hyderabad Bench - 1
Order Date: June 18, 2026
Case Overview
The National Company Law Tribunal (NCLT) Hyderabad Bench heard matters related to CP(IB) No. 217/7/HDB/2024 and IA(IBC) 901/2026 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The case involves Madhya Pradesh Financial Corporation as the Financial Creditor and Sri Naga Krishna Chemicals Ltd. as the Corporate Debtor. The hearing was conducted in hybrid mode (VC and physical) before a bench comprising Hon'ble Member (Judicial) Sh. Rajeev Bhardwaj and Hon'ble Member (Technical) Sh. Sanjay Puri.
Representation included Mr. G P Yash Vardhan as counsel for the applicant, Mr. Chakilam Nagarjuna Rao as the Resolution Professional, and Ms. Devangi (Ld. PCS) who took notice on behalf of Respondent No. 1.
Final Outcome
The Tribunal directed Respondent No. 1 to file a counter within two weeks from the hearing date (by July 2, 2026). Any rejoinder must be filed within two weeks after the counter filing. The court also issued notice to Respondent No. 2 through registered post/speed post and email. The matter has been adjourned to July 2, 2026 specifically for filing proof of service and further proceedings.
Topics: Insolvency Proceedings, NCLT Hearing, Corporate Debt