NCLT Indore Reserves Order on Union Bank Application

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, comprising Hon'ble Shri Brajendra Mani Tripathi (Member Judicial) and Hon'ble Shri Man Mohan Gupta (Member Technical), heard arguments on Interlocutory Application No. IA/238(MP)2025. This application was filed within the main insolvency proceeding registered as TP 230 of 2019 [CP(IB) 131 of 2018]. The proceedings are being conducted under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant in the matter is Union Bank of India, while the respondent is Mrs. Chhaya Gupta in her capacity as the Resolution Professional (RP) for the corporate debtor, JSM Devcons India Pvt Ltd. The tribunal heard contentions from both rival parties and perused the case record.

Final Outcome

The bench has reserved its order on the interlocutory application. No final ruling, penalties, or specific directions were issued in this hearing. The matter remains pending until the reserved order is pronounced.

Topics: NCLT Proceedings, Corporate Insolvency, Banking Dispute