Case Details
Case Name: Allahabad Bank vs Vardhman Chemtech Ltd.
Court/Authority: National Company Law Tribunal (NCLT), Chandigarh Bench, Court – II (Special Bench)
Case Numbers: IA(I.B.C)/1440 (CH)2025, CONT.A. (IBC)/7(CH)2025 in CP(IB) No. 02/Chd/Chd/2018 (Admitted)
Under Section: 7 of the Insolvency and Bankruptcy Code (IBC), 2016 & 425 CA 2013 r/w 12 Rule: 11 of the NCLT Rules, 2016
Order Date: 25.05.2026
Parties Involved
Petitioner: Allahabad Bank
Respondent: Vardhman Chemtech Ltd.
Representation for Respondent: Mr. Surjeet Bhadu, Senior Advocate along with Ms. Sanya Thakur, Advocate
Adjudicating Authority: Shri. Shishir Agarwal, Hon'ble Member (Technical) and Shri. Mahendra Khandelwal, Hon'ble Member (Judicial)
Issues / Allegations / Violations
The matter pertains to an insolvency application filed by Allahabad Bank under Section 7 of the IBC, 2016 against the corporate debtor, Vardhman Chemtech Ltd. The specific allegations or violations are not detailed in this procedural order, which focuses on the status of a stay granted by a higher appellate authority.
Findings & Observations
The Tribunal noted that no representative appeared on behalf of the Applicant (Allahabad Bank) at the time of the hearing. The Learned Senior Counsel for the Respondent (Vardhman Chemtech Ltd.) submitted that an appeal has been filed before the National Company Law Appellate Tribunal (NCLAT) against the order passed by this Adjudicating Authority on 11.06.2025. It was further submitted that the Hon'ble NCLAT has granted a stay on the operation of the said order.
Final Ruling & Enforcement
In the interest of justice, the NCLT Chandigarh Bench adjourned the matter and listed it for hearing before the Regular Bench on 04.08.2026. The operation of the NCLT's previous order from 11.06.2025 remains stayed as per the NCLAT's order until the next hearing date.