Authority: National Company Law Tribunal, Indore Bench, Court No. 1
Order Date: 14 July 2026
Case Overview
This is an interlocutory application (IA/141(MP)2026) filed within the main insolvency petition (CP(IB)/26(MP)2024). The proceedings are under Section 60(5) read with Section 18 of the Insolvency and Bankruptcy Code, 2016. The applicant is Hasti Mal Kachhara, the Resolution Professional of Pushp Ratna Realty Pvt Ltd. The respondents are Ashok Kumar Jain (Suspended Director) and another party. The matter pertains to the implementation stage of a Resolution Plan that was approved by the tribunal on 9th March 2026. An affidavit of service confirming notice was served upon the respondents was filed on 25th May 2026, in compliance with a previous order dated 28th April 2026.
Final Outcome
The tribunal deemed service upon the respondents to be sufficient. The applicant's counsel was granted time to obtain instructions from the Successful Resolution Applicant (SRA). The respondents were granted one final opportunity of 10 days to file their replies to the application, with an advance copy to be provided to the applicant. Upon receipt of the reply, the applicant may file a rejoinder within one week. The matter has been listed for further consideration on 5th August 2026.
Topics: Corporate Insolvency, NCLT Proceedings