Authority: National Company Law Tribunal, Jaipur Bench
Order Date: June 16, 2026
Case Overview
The National Company Law Tribunal (NCLT), Jaipur Bench, comprising Judicial Member Ms. Reeta Kohli and Technical Member Ms. Kavita Bhatnagar, heard an interlocutory application (IA No. 07/JPR/2025) in the main insolvency case (IB No. 400/ND/2017). The case was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Union Bank of India (Financial Creditor/Applicant) against Ashoka Multiyarn Mills Ltd. (Corporate Debtor/Respondent). The matter has progressed to the liquidation stage. During the hearing, the learned counsel for the Liquidator informed the tribunal that an account closure certificate had been filed, though it was noted to be under defects.
Final Outcome
The tribunal directed that the defects in the account closure certificate be cured and posted the matter for the next hearing on July 6, 2026. The order is procedural, deferring final closure of the liquidation process until the documentation is rectified.
Topics: Insolvency Proceedings, Banking Litigation