Authority: National Company Law Tribunal (NCLT), Kochi Bench
Order Date: 10 June 2026
Case Overview
This application (IA(IBC)/236/KOB/2026) was filed by the Monitoring Agent and Monitoring Committee of the Pearl Crest Apartment Buyers Association. It was an interlocutory application within the larger insolvency proceeding CP(IB)/05/KOB/2021. The application sought the tribunal's permission to take on record the 7th Progress Report submitted by the Monitoring Agent. This report detailed the progress of implementing the resolution plan for Pearl Crest Apartment, which had been approved by the tribunal on 14 August 2024. The report specifically covered the implementation progress for the quarter from 1 January 2026 to 31 March 2026. The application was filed under Section 38(4)(c) of the IBBI read with Rule 11 of the NCLT Rules, 2016.
Final Outcome
The bench, comprising Member (Judicial) Shri Vinay Goel and Member (Technical) Shri Ravichandran Ramasamy, allowed the application. The 7th Progress Report was taken on record. However, the tribunal explicitly clarified that this act of taking the report on record should not be construed as an expression of opinion on the merits of any averments, claims, or contentions contained within the report. It also does not amount to an acceptance or adjudication of those contents. The application was disposed of as allowed.
Topics: Insolvency Resolution, Real Estate, Monitoring Compliance