Authority: National Company Law Tribunal, Ahmedabad Bench (Court 2)
Order Date: 10 June 2026
Case Overview
The proceedings involve an interlocutory application (IA(Dis.)/17(AHM)2024) within the main insolvency petition CP(IB) 78 of 2019 filed by Religare Finvest Ltd against REDS Marine Services Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC). The matter concerns the liquidation proceedings of REDS Marine Services Ltd. The Liquidator was present in compliance with previous orders. The Registrar of Companies (ROC) and Income Tax Department have filed their reports as directed by the tribunal. However, the two Stakeholders Consultation Committee (SCC) members were absent and had not complied with the tribunal's earlier directions.
Final Outcome
The NCLT bench comprising Member (Judicial) Mrs. Chitra Hankare and Member (Technical) Dr. Velamur G Venkata Chalapathy directed the two absent SCC members to pay a cost of ₹1,00,000 (One Lakh Rupees) to the PM Relief Fund within 7 days. The members were further directed to remain present on the next date of hearing. The matter has been listed for further consideration on 6 July 2026.
Topics: Insolvency Proceedings, NCLT Order, Regulatory Compliance