Case Details
Case Name: In the matter of Southern Sportswear Pvt. Ltd.
Parties: Petitioner - Southern Sportswear Pvt. Ltd.; Respondents - Not specified in available text
Court/Authority: National Company Law Tribunal (NCLT), Division Bench–I, Chennai
Case Number: CP(IBC)/365(CHE)/2025
Date of Hearing: 25 May 2026
Under Section: Section 59 of the Insolvency and Bankruptcy Code, 2016
Parties Involved
Petitioner: Southern Sportswear Pvt. Ltd., represented by Counsel Shri. B. Sarath Babu
Other Parties: Income Tax Department represented by Counsel Shri. Raj Jhabakh; Registrar of Companies (RoC) represented by Counsel Ms. Nagaswetha
Tribunal Members: Hon'ble Shri. Sanjiv Jain, Member (Judicial) and Hon'ble Shri. Venkataraman Subramaniam, Member (Technical)
Issues / Allegations / Violations
The petition is for dissolution of the Corporate Debtor under Section 59 of the Insolvency and Bankruptcy Code, 2016, which deals with voluntary liquidation of corporate persons.
Findings & Observations
The Registrar of Companies has already given 'no objection' to the dissolution proceeding vide their proceeding dated 22 April 2026.
The counsel for the Income Tax Department submitted that till date he has no instructions on the matter.
Arguments were partly heard during this hearing session.
Final Ruling & Enforcement
The NCLT Chennai bench listed the petition for further arguments on 18 June 2026. No final decision was made at this hearing.
The matter remains pending before the tribunal for further consideration.