Authority: National Company Law Tribunal, Division Bench (Court–I), Chennai
Order Date: June 22, 2026
Case Overview
This order sheet details the proceedings of a hearing for the liquidation of Srinithi Enterprises Pvt Ltd, the corporate debtor. The main petition is CP(IB)/261/CHE/2024. Three Interlocutory Applications (IAs) were heard: IA(IBC)/2080(CHE)/2025; IA(IBC)/979/(CHE)2026; and IA(IBC)/982/(CHE)2026. The matter involves the liquidator and several financial creditors seeking payments or responses related to the liquidation process.
For application IA(IBC)/2080(CHE)/2025, counsel for the liquidator, Mr. T. Jayashankar, was present along with the liquidator. Counsel for financial creditor Oxyzo Financial Services Limited, Mr. Sarwar Raza, stated that the company had made its payment. The Legal Manager for Axis Bank Ltd, Mr. Koteeswaran, provided an undertaking to make the required payment within three days. The liquidator also stated that he had received an assurance from HDFC Bank that it would make its payment by July 10, 2026. The tribunal listed this application for the next hearing on July 13, 2026.
For the other two applications, IA(IBC)/979/(CHE)2026 and IA(IBC)/982/(CHE)2026, only the liquidator and his counsel were present. The tribunal directed the registry to issue notices to the members of the Committee of Creditors (CoC) to seek their response. These applications were also listed for the next hearing on July 13, 2026.
Final Outcome
The hearing was adjourned, and all three applications are scheduled to be heard next on July 13, 2026. The interim outcome includes payment confirmations and undertakings from creditors Oxyzo, Axis Bank, and HDFC Bank, which are to be completed by the specified dates.
Topics: Corporate Insolvency, Liquidation Process, Financial Creditors