Authority: National Company Law Tribunal, Kochi Bench (Shri Vinay Goel, Member (Judicial) and Shri Ravichandran Ramasamy, Member (Technical))
Order Date: 29 June 2026
Case Overview
The order addresses two Interlocutory Applications (IAs) within the main insolvency petition CP(IB)/33/KOB/2021. The petitioner is Phoenix ARC Pvt Ltd, and the respondents include Jossy Steephen Kattur (the Resolution Professional) and others in the matter of Kerala Chamber of Commerce and Industry. The applications were filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) read with NCLT Rule 11. During the hearing, counsel for the applicant (Phoenix ARC) informed the tribunal that the parties had arrived at a settlement before the Hon'ble High Court of Kerala and intended to file an appropriate application reflecting this settlement.
Final Outcome
The NCLT Kochi Bench adjourned both applications (IA(IBC)/310/KOB/2023 and IA(IBC)/335/KOB/2024) to 15 July 2026. The adjournment was granted at the request of the parties to allow them to formalize and file the settlement agreement reached before the Kerala High Court.
Topics: Insolvency Proceeding, Court Settlement, NCLT Adjournment