Authority: National Company Law Tribunal, Bengaluru Bench (Special Bench)
Order Date: 09 July 2026
Case Overview
The National Company Law Tribunal (NCLT), Bengaluru Bench, heard a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petitioner, South Canara District Central Co-operative Bank Ltd, filed against the respondent, M/s Mylar Sugars Ltd, seeking initiation of corporate insolvency resolution process. The petitioner had complied with previous tribunal directions by filing documents through Diary Numbers 7344 (dated 08.07.2026) and 7371 (dated 09.07.2026). After perusing the matter, the tribunal decided to issue formal notice of the petition to the respondent/corporate debtor.
Final Outcome
The NCLT directed that notice be issued to the respondent corporate debtor (M/s Mylar Sugars Ltd) and its Managing Director. The petitioner's counsel was instructed to collect the notice and serve it along with a complete copy of the petition paperbook through both email and speed post. The tribunal mandated filing of an affidavit of service along with tracking reports within one week. The respondent is required to file its reply within two weeks of receiving notice, followed by one week for the petitioner to file a rejoinder if necessary. The case has been listed for next hearing on 17 August 2026.
Topics: Insolvency & Bankruptcy, Cooperative Banking, Legal Proceedings