Case Details
Case Name: Canara Bank vs. M/s Prayag Polytech Pvt. Ltd.
Court/Authority: National Company Law Tribunal (NCLT), Jaipur Bench
Case Number: CP No. (IB)-68/7/JPR/2024
Interlocutory Application Number: IA No. 166/JPR/2026
Date of Order: May 20, 2026
Law Under Which Filed: Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016
Parties Involved
Financial Creditor (Petitioner): Canara Bank
Corporate Debtor (Respondent): M/s Prayag Polytech Pvt. Ltd.
Representative Present: Rishabh Chand Lodha appeared in person for the petitioner.
Representative Absent: No representation appeared on behalf of the Suspended Management of the Corporate Debtor.
Coram: Hon'ble Ms. Reeta Kohli (Judicial Member) and Hon'ble Ms. Kavita Bhatnagar (Technical Member)
Issues / Allegations / Violations
This is a procedural order in an ongoing insolvency proceeding. The primary issue is the non-cooperation and non-appearance of the suspended management of the corporate debtor, M/s Prayag Polytech Pvt. Ltd., despite previous orders from the tribunal.
Findings & Observations
The Tribunal observed that the matter had been called out twice with no representation from the suspended management. It was noted that a previous order dated 04.05.2026 had been passed, which stated that if no reply was filed by the next date, the respondents would have to remain present in person. The Tribunal found that no reply had been filed and the respondents were not present in person on the current hearing date.
Penalties / Settlements / Directions
The Tribunal did not impose a penalty at this stage but issued a strong directional order. It granted "one last opportunity" to the respondents to appear in person. It explicitly warned that failure to do so would lead the tribunal to be "constrained to issue a show-cause notice for initiating contempt proceedings in terms of law."
Final Ruling & Enforcement
The hearing was adjourned and posted to the next date of hearing: 22.06.2026. The final ruling on the contempt notice and the main insolvency application is pending and contingent on the actions of the corporate debtor's management at the next hearing.