Authority: National Company Law Tribunal (NCLT), Kochi Bench
Order Date: 17 June 2026
Case Overview
This order pertains to an Interlocutory Application (IA(IBC)/280/KOB/2026) filed by the Liquidator, Mr. R Velu, in the matter of Palm Lagoon Backwater Resorts Pvt Ltd. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) and Regulation 44(2) of the IBBI. The liquidator sought a relief from the tribunal to extend the period of liquidation, which was set to end on 15 June 2026, by a further period of one year until 15 June 2027. The primary reason cited for seeking the extension was the pendency of multiple litigations, which prevented the completion of the liquidation process within the stipulated time. Counsel for the applicant, Mr. Vijay V Paul, appearing virtually along with the liquidator, specifically highlighted the pendency of Writ Petition WP(C) 16574 of 2026 before the Hon'ble High Court of Kerala. He informed the bench that on 1 June 2026, the High Court had granted interim protection for one month concerning a proceeding pending before the Controlling Authority under the Payment of Gratuity Act, 1972 in Kollam.
Final Outcome
After hearing the counsel and perusing the application, the Adjudicating Authority (comprising Member Judicial Shri Vinay Goel and Member Technical Shri Ravichandran Ramasamy) deemed it appropriate to partly allow the application. Instead of the requested one-year extension, the tribunal granted an extension of the liquidation period by six months from 15 June 2026. The liquidator was directed to complete the entire liquidation process within this extended period. The application was disposed of accordingly.
Topics: Insolvency, NCLT Proceedings