Authority: National Company Law Tribunal, Kochi Bench (Shri Vinay Goel, Member (Judicial) and Shri Ravichandran Ramasamy, Member (Technical))
Order Date: 14 July 2026
Case Overview
The National Company Law Tribunal (NCLT), Kochi Bench heard petition number CP(IB)/12/KOB/2026 filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 read with Rule 11 of NCLT Rules. The petition was filed by The South Indian Bank Ltd against respondent Thomas J Vayalat. Advocate A Kevin Thomas represented the petitioner virtually, while Advocate Pranoy Harilal appeared virtually for the respondent. Advocate Amrith appeared physically for the Resolution Professional (RP), Mr. Jasin Jose, who was present virtually.
The Resolution Professional filed a report which was taken on record by the tribunal. The petitioner's counsel was directed to supply a copy of the application along with the report to the respondent's counsel during the course of the day if not already supplied.
Final Outcome
The respondent's counsel requested additional time to file the reply affidavit/objections. The bench granted 72 hours (until approximately July 17, 2026) for filing the reply affidavit, with a copy to be provided to the other side. The bench emphasized that "time is of the essence in proceedings under the Insolvency and Bankruptcy Code, 2016" and directed both sides to extend full cooperation for expeditious disposal of the matter. The case was adjourned to July 20, 2026 for further hearing.
Topics: Insolvency Proceeding, Banking Dispute, NCLT Adjournment