Authority: National Company Law Appellate Tribunal, Chennai
Order Date: 03.08.2026
Case Overview
This appeal was filed by Dawn Thomas, suspended director of corporate debtor V&RO Hospitality Pvt Ltd, challenging the National Company Law Tribunal's order admitting the company to Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC). The operational creditor, French Motor Car Company Ltd, had claimed a total debt of approximately ₹2.30 crores. The appellant's counsel submitted that after the commencement of CIRP, the suspended director has made partial payment of the amount due to the operational creditor and asserts having the financial capacity to pay the remaining balance. The appellant seeks additional time to work out payment modalities and wishes to discuss settlement terms with the creditor.
Final Outcome
The NCLAT Chennai bench, comprising Justice N. Seshasayee (Member-Judicial) and Jatindranath Swain (Member-Technical), listed the matter for further hearing on 04.08.2026 under the caption 'For Admission (Fresh Cases)'. The adjournment allows the appellant time to discuss settlement possibilities with the operational creditor before the appeal is formally admitted for hearing.
Topics: Insolvency Appeal, Debt Settlement, Corporate Debtor