Authority: National Company Law Tribunal, Division Bench–I, Chennai
Order Date: July 13, 2026
Case Overview
This proceeding involves an application (IA(I.B.C)/1157(CHE)2026) filed by Unity Small Finance Bank Ltd. against Lakhari Resources Pvt. Ltd. in the main petition C.P. (IB)/157(CHE)2024. The application seeks a declaration that transactions relating to the sale of a property located in Kottivakkam, Chennai, were undervalued. The primary relief sought is the restoration of this property to the corporate debtor.
During the hearing held via video conferencing, Shri. Varun Srinivasan appeared as the Learned Counsel for the Applicant/Resolution Professional. Ms. Neelanarayani appeared as the Learned Counsel for Respondent No. 1, ICICI Bank Ltd. Counsel for ICICI Bank Ltd. accepted notice of the application and requested time to file a reply. The tribunal granted two weeks for this purpose. Notice was also ordered to be served on the other respondents who were not present.
The bench, comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri. Venkataraman Subramaniam (Member Technical), issued a specific direction to the applicant. They were ordered to file documents evidencing the sale of adjoining properties during the relevant period. This evidence is required for the proper consideration of the application alleging an undervalued sale.
Final Outcome
The application was not decided on its merits. The proceeding was adjourned and listed for the next hearing on July 23, 2026. The interim outcome is procedural, allowing time for ICICI Bank to file a reply and for the applicant to submit additional documentary evidence concerning comparable property sales.
Topics: Insolvency Litigation, Undervalued Transaction, Property Asset