Authority: National Company Law Tribunal, Indore Bench, Court No. 1
Order Date: 08/06/2026
Case Overview
The National Company Law Tribunal (NCLT), Indore Bench, presided over by a two-member bench comprising Hon'ble Shri Brajendra Mani Tripathi (Member Judicial) and Hon'ble Shri Man Mohan Gupta (Member Technical), heard an Interlocutory Application numbered IA/580(MP)2025. This application was filed within the main insolvency proceeding, Transfer Petition (TP) 230 of 2019, which originated from Company Petition (CP(IB)) 192 of 2017. The proceedings are governed by Section 60(5) of the Insolvency and Bankruptcy Code, 2016, along with Regulations 36A and 36B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The applicant in the matter is Union Bank of India, represented by its advocate, Mr. Deepak Saxena, who appeared online. The respondent is Mrs. Chhaya Gupta, the Resolution Professional (RP) of the corporate debtor, JSM Devcons India Pvt Ltd, who also appeared online in person. The tribunal heard the contentions of both rival parties and perused the case record.
Final Outcome
The bench has reserved the matter for order. A final ruling on the interlocutory application has not been delivered as of this hearing date. The practical consequences for the parties involved will be determined once the reserved order is pronounced.
Topics: Insolvency Proceeding, NCLT Hearing, Corporate Debtor