Authority: National Company Law Tribunal, Hyderabad Bench - 1
Order Date: 09-06-2026
Case Overview
The National Company Law Tribunal (NCLT) Hyderabad Bench heard four interconnected applications (IA) filed under Section 121 of the Insolvency and Bankruptcy Code, 2016, in the main petition CP(IB) No. 389/121/HDB/2022. The matter involves PTC India Financial Services Limited as the Petitioner and Mr. Mahendra Kumar Agarwal as Respondent No. 1, with additional respondents in some applications. The bench comprised Hon'ble Member (Judicial) Sh. Rajeev Bhardwaj and Hon'ble Member (Technical) Sh. Sanjay Puri. The hearing was conducted in hybrid mode (VC and Physical) at 11:55 AM.
For IA (IBC) 1900/2025, Respondents No. 2 and 3 were set ex-parte due to consistent non-appearance despite opportunities. The tribunal granted two weeks for filing a rejoinder and adjourned the matter to July 7, 2026.
For IA (IBC) 1901/2025, where Respondents No. 2 to 5 were already set ex-parte, Respondent No. 1 was directed to file a counter within two weeks. A subsequent rejoinder, if any, must be filed within two weeks after the counter. The matter was also adjourned to July 7, 2026.
For IA (IBC) 1995/2025, pleadings were completed, and the matter was adjourned to July 7, 2026, for hearing.
For IA (IBC) 440/2026, the tribunal directed the filing of a counter within two weeks and a rejoinder (if any) within two weeks thereafter. This matter was similarly adjourned to July 7, 2026.
Mr. Devvrat Rana, the Bankruptcy Trustee, was present and represented across all four applications. Legal counsel representation varied across the applications.
Final Outcome
All four interlocutory applications were adjourned to July 7, 2026, for further proceedings. The tribunal issued specific directives regarding the completion of pleadings (counters and rejoinders) with two-week deadlines where applicable. Two respondents were set ex-parte for non-appearance.
Topics: NCLT Proceedings, Corporate Insolvency, Adjournment