Authority: National Company Law Tribunal Division Bench-I, Chennai
Order Date: 29 June 2026
Case Overview
The application was filed by Unity Small Finance Bank Ltd. against Lakhari Resources Pvt. Ltd. under main petition number CP(IBC)/157(CHE)/2024. The matter involves insolvency proceedings where Unity Small Finance Bank is seeking specific reliefs related to a vehicle asset. The applicant filed a new application numbered IA(IBC)/1037/CHE/2026 seeking modification of the Tribunal's previous order dated 24 April 2026 passed in IA(IBC)/1856(CHE)/2025.
The principal reliefs sought include:
- Modification of the NCLT's order dated 24.04.2026
- Direction to the Resolution Professional to place the applicant's purchase and balance One Time Settlement (OTS) proposal for the vehicle before the Committee of Creditors (CoC) for consideration and approval
- Direction to the Resolution Professional to file a status report regarding the OTS proposal
- Direction to Lakhari Resources Pvt. Ltd. (1st Respondent) and HDFC Bank to issue a No Objection Certificate (NOC) and execute all necessary documents for name change of the vehicle in the Registration Certificate at the RTO in favor of the applicant, upon approval of the proposal and payment of the balance amount
The matter was heard through video conferencing with Shri. A.G. Sathyanarayana appearing as learned counsel for the applicant.
Final Outcome
The Tribunal directed the applicant to serve a copy of the application on the Resolution Professional for reply and listed the matter for further hearing on 23 July 2026. The bench comprised Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical).
Topics: Insolvency Proceedings, One Time Settlement, Vehicle Asset