Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: 16 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard matters pertaining to the Corporate Insolvency Resolution Process (CIRP) of Hi-Esteem Auto Komponents Pvt Ltd, initiated by Tata Steel Ltd. The hearing addressed two interlocutory applications: IA(IBC)/2072(CHE)2025 and IA(IBC)/801(CHE)/2026. The first application involved a report from the Resolution Professional (RP) after verifying transactions, which was accepted by the registry, with arguments scheduled for 07 July 2026. The second and primary application, IA(IBC)/801(CHE)/2026, was filed by the RP seeking an extension of the CIRP period. The tribunal noted from the documents on record that the corporate debtor, Hi-Esteem Auto Komponents, possesses no assets whatsoever. Furthermore, it was observed that there exists no possibility of resolving the corporate debtor, and the mandatory Form-G (used to invite expressions of interest from potential resolution applicants) had not been issued till the date of the hearing.
Final Outcome
The NCLT declined to grant an extension for the Corporate Insolvency Resolution Process. The application (IA(IBC)/801(CHE)/2026) was disposed of. The Resolution Professional was directed to conclude the CIR process within the original stipulated timeline, effectively leading the process towards a conclusion, likely liquidation given the absence of assets and resolution prospects.
Topics: Insolvency Proceedings, NCLT Order