Authority: National Company Law Tribunal, Jaipur Bench
Order Date: June 23, 2026
Case Overview
The National Company Law Tribunal (NCLT) Jaipur Bench, comprising Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar, heard two applications filed by the liquidator in the matter of M/s. The Rajasthan Industrial Gases Ltd. (Corporate Debtor) versus M/s Krishna Sales Corporation (Operational Creditor/Applicant). The case was originally filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016).
The present applications, IA(Liq.) Progress Report No. 18/JPR/2026 and IA(Liq.) Progress Report No. 19/JPR/2026, were preferred by the liquidator to place on record the 8th and 9th progress reports. These applications were filed on June 16, 2026. However, the tribunal noted that the final order in this matter had already been reserved vide order dated May 26, 2026 (corrected to May 26 from May 25 in the subsequent reference).
The court highlighted that the matter had been listed suo motu by the court itself because there was no communication from the liquidator regarding the progress of the matter. The court was constrained to list the matter, issue notice to the liquidator, and ask for progress updates.
The tribunal expressed its inability to appreciate the filing of these progress report applications after the final order had already been reserved, rendering them procedurally improper and untimely.
Final Outcome
Both interim applications (IA(Liq.) Progress Report No. 18/JPR/2026 and IA(Liq.) Progress Report No. 19/JPR/2026) were dismissed by the NCLT Jaipur Bench. The final order in the main matter remains reserved as of May 26, 2026.
Topics: NCLT Proceedings, Liquidation Process, Corporate Insolvency