Authority: National Company Law Tribunal, Division Bench–I, Chennai

Order Date: 22 June 2026

Case Overview

The hearing concerned the liquidation proceedings of Adaptio Facility Management Pvt. Ltd. (Corporate Debtor). The matter was heard by a bench comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical). The Liquidator, Ms. Jayashree Iyer, and the Suspended Director, Shri. Manikandan, were present in person. The Liquidator reported on the status of the liquidation process, specifically regarding the auction of two vehicles belonging to the Corporate Debtor. Possession of one vehicle had been successfully handed over to the auction purchaser. However, the transfer of the second vehicle, bearing Registration No. TN 10 BC 4449, was stalled because the Regional Transport Office (RTO) had refused to issue a No Objection Certificate (NOC) or clearance due to a previous order from the NCLT that had restricted its transfer.

The Liquidator further informed the Tribunal that the Stakeholders Consultation Committee (SCC) had passed a resolution. The SCC resolved that upon the realization of funds from the auction of the two vehicles, the process for the dissolution of the Corporate Debtor should be initiated.

Final Outcome

The Tribunal issued several directives. First, it overrode the previous restraining order and directed the RTO to issue the necessary clearance/NOC to facilitate the transfer of vehicle TN 10 BC 4449 into the name of the successful auction purchaser. Second, the Tribunal officially extended the liquidation process timeline until 31 August 2026. Crucially, it made it clear that this would be the final extension and that no further extensions would be granted. Finally, the Tribunal directed the Liquidator to formally file an application for the dissolution of the Corporate Debtor, acting upon the SCC's resolution. The Interlocutory Application (IA/MA No. IA(IBC)/2333(CHE)/2024) was disposed of with these directions.

Topics: Corporate Insolvency, Liquidation Process, Asset Auction