Polybond Fabrics Seeks Voluntary Liquidation via NCLT

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

Order Date: 17.06.2026

Case Overview

The petition, CP(IBC)/97(CHE)/2026, was filed by Bridge Insolvency Professionals LLP in its capacity as the proposed liquidator for Polybond Fabrics Private Limited. The application was made under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking approval for the voluntary liquidation of the company. The hearing was conducted via video conferencing. Learned Counsel Shri. Bathri Narayan represented the petitioner/liquidator, and Learned Counsel Shri. Raj Jhabakh represented the Income Tax Department, a respondent in the matter.

Final Outcome

The bench, comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramanian (Member Technical), did not issue a final ruling on the petition. Instead, they directed the petitioner to serve a copy of the petition on the Registrar of Companies (ROC) and the Income Tax Department to obtain their replies. The matter was adjourned and listed for the next hearing on 06.08.2026.

Topics: Insolvency, Voluntary Liquidation