Authority: National Company Law Tribunal, Hyderabad Bench - II
Order Date: 08.06.2026
Case Overview
The hearing concerned IA (IBC)/588/2026 in Company Petition IB/304/7/HDB/2022 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition was initiated by Union Bank of India against corporate debtor Panduranga Energy Systems Pvt Ltd. During the hearing held on 08.06.2026 at 10:30 AM in hybrid mode, counsel for the financial creditor (Mr. G. P. Yash Vardhan) informed the bench that the Committee of Creditors (CoC) had taken a decision to replace the Resolution Professional (RP). This decision was made in accordance with observations previously made by the NCLT authority.
Final Outcome
The matter has been adjourned to 16.06.2026 to allow for the filing of an appropriate application for the replacement of the Resolution Professional. The bench comprised Hon'ble Member (Judicial) Shri. Rajeev Bhardwaj and Hon'ble Member (Technical) Shri. Sanjay Puri.
Topics: Insolvency Proceedings, NCLT Order, Corporate Debt Resolution