Authority: National Company Law Tribunal, New Delhi Court-IV (Special Bench)

Order Date: 15 July 2026

Case Overview

This order addresses two Interlocutory Applications (IAs) in the ongoing Corporate Insolvency Resolution Process (CIRP) of Universal Journeys India Private Limited. The case was initiated under Section 10 of the Insolvency & Bankruptcy Code, 2016 (IBC).

  • IA/985/ND/2026: This is an application filed by the Resolution Professional (RP), represented by Advocate Ms. Nibruti Sammal. The RP seeks certain directions against the respondent, ICICI Bank. The tribunal heard the RP's counsel and decided to issue notice to the respondents to file their response. The matter was listed for the next hearing on 12 August 2026.
  • IA (Liq.)/10/ND/2026: This is the primary application filed by the Interim Resolution Professional (IRP) under Section 33(1)(a) of the IBC, 2016. The IRP is seeking an order for the initiation of the liquidation process of the Corporate Debtor (Universal Journeys India Pvt Ltd). The application states that the CIRP process effectively concluded on 23 April 2026. The key reason cited is that the sole Financial Creditor, Encore Asset Reconstruction Company Private Limited, which had initially filed a claim, informed the IRP of its intention to withdraw that claim. With no other creditors coming forward, there was no committee to pursue the resolution. Furthermore, the IRP conducted a Transaction Record Analysis, which identified transactions that could be classified as preferential, undervalued, or fraudulent, providing another basis for moving towards liquidation.

Final Outcome

The tribunal did not pass a final order on liquidation but issued directives for the next steps. Notices are to be issued to all claimants who had filed claims (which were accepted by the IRP), the corporate debtor itself, and its suspended management. These parties are to show cause why the order for initiation of CIRP should not be recalled. The matter was adjourned and listed for a hearing before the Regular Bench on 12 August 2026. The outcome of the liquidation application remains pending until that date.

Topics: Insolvency, Liquidation, NCLT