Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: June 9, 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai Division Bench heard an operational creditor insolvency petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition CP(IBC/13(CHE)/2026 was filed by Hariprasad Associates (Operational Creditor) against Ocean Lifespaces India Pvt Ltd (Corporate Debtor). The respondent (Ocean Lifespaces India Pvt Ltd) had filed their reply to the petition but with delay. The respondent's counsel informed the tribunal that an application seeking condonation of this delay had been filed but was yet to be listed for hearing.
The tribunal examined the matter and exercised its discretion to condone the delay in filing the reply, allowing the respondent's reply to be taken on record. The tribunal further granted two weeks' time to the petitioner (Hariprasad Associates) to file their rejoinder to the respondent's reply.
Final Outcome
The NCLT bench condoned the delay in filing the reply and admitted the respondent's submission on record. The petition was adjourned and listed for next hearing on July 31, 2026. The bench composition included Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical).
Topics: Insolvency Proceeding, NCLT Order, Corporate Debtor