Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 12 June 2026
Case Overview
The State Bank of India (Petitioner) has filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the relevant rules, against Prakash Gold Palace Pvt Ltd (Respondent). The petition is registered as CP(IBC)/75(CHE)/2026. The hearing was conducted through video conference before a Division Bench consisting of Hon'ble Shri Sanjiv Jain, Member (Judicial) and Hon'ble Shri Venkataraman Subramaniam, Member (Technical).
During the hearing, the Petitioner's counsel, Mr. K. Chandrasekaran, presented a memo enclosing the National E-Governance Services Limited (NeSL) Certificate bearing Serial Number 2495 dated 11 June 2026. This certificate serves as evidence of debt default by the corporate debtor. Mr. Gaurav Kumar appeared as counsel for the Respondent company.
The Tribunal directed that a copy of the memo and NeSL certificate be served to the Respondent. The Bench granted two weeks' time to the Respondent to file their reply to the petition. Subsequently, the Petitioner is granted two additional weeks to file any rejoinder to the Respondent's reply.
Final Outcome
The petition has been adjourned and is scheduled for next hearing on 23 July 2026. The matter remains pending before the NCLT Chennai Division Bench.
Topics: Insolvency Proceeding, Banking Debt