Authority: National Company Law Tribunal, Kolkata Bench
Order Date: 16th June 2026
Case Overview
The matter involves an insolvency petition (C.P. (IB)/25(KB)2026) filed by Sharmita Infra Private Limited (Operational Creditor) against Prakash Road Lines Corporation Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC).
During the hearing on 16th June 2026, no one appeared for the Corporate Debtor initially. The Tribunal noted that in a previous order dated 18th March 2026, the Corporate Debtor had been directed to file its reply upon payment of costs of Rs.25,000 to the National Defence Fund, as per Rule 149 of the NCLT Rules. However, no reply had been filed by the date of this hearing. Consequently, the Corporate Debtor was set ex parte.
Subsequently, counsel for the Corporate Debtor appeared and submitted that a One-Time Settlement (OTS) offer had been provided to the Corporate Debtor. The counsel also claimed that a reply had been e-served. However, Mr. Shaunak Mitra, counsel for the Operational Creditor, submitted that he was not aware of such developments.
Final Outcome
The Bench listed the matter for further consideration on 30th June 2026, directing that instructions be obtained and submissions be made on that date. The proceedings remain ongoing, with no admission or dismissal of the petition at this stage.
Topics: Insolvency Proceeding, Corporate Debt, NCLT