NCLT Chennai admits company's own insolvency petition, CIRP begins; IRP appointed, board powers suspended
NCLT Chennai admitted the company's own IBC petition.
By ScoutQuest · · 2 min read
- IBC Petition Admitted
- CP/IIBC) 310/CHE/2025 under Section 10, admitted by NCLT Chennai by Order dated 7-8-2026
- Interim Resolution Professional
- Mr. G. Gunasekaran (Regn No IBBI/IPA-001/IP-P00681/2017-2018/11178)
- Board Powers Suspended
- Powers of the Board of Directors and the Committees stand suspended with effect from 7-8-2026
NCLT Chennai admits the company's insolvency petition
The company had shared an Insolvency Petition in CP/IIBC) 310/CHE/2025 seeking initiation of the Corporate Insolvency Resolution Process under Section 10 of the Insolvency & Bankruptcy Code before the Hon'ble National Company Law Tribunal, Chennai. A Section 10 petition is one shared by the company itself, rather than by a lender or a creditor.
The Order dated 7-8-2026
- The Hon'ble National Company Law Tribunal, Chennai has allowed and admitted the said petition shared by the Company.
- Mr. G. Gunasekaran, having Regn No IBBI/IPA-001/IP-P00681/2017-2018/11178, has been appointed as Interim Resolution Professional (IRP).
- He shall take forward the process of Corporate Insolvency Resolution of the Company.
What changes with the Order
- In terms of the said Order, the powers of the Board of Directors and the Committees of the company stand suspended with effect from the date of the Order i.e. 7-8-2026.
- Consequently, Mr. G. Gunasekaran will act as the Compliance Officer instead of the present Compliance Officer, Mr. Manoj Kumar Tibrewal.
- Mr. G. Gunasekaran will sign as the Compliance Officer for and on behalf of the Company hereafter.
In simple terms
Once an insolvency petition is admitted, the company enters a formal resolution process that is run by the Interim Resolution Professional. The Board of Directors steps back from its powers for the duration, and the IRP takes charge of moving the process forward. Along with that, the day-to-day compliance role at the company shifts from the existing Compliance Officer to the IRP.
What investors may take away
The admission of an insolvency petition and the suspension of the Board's powers are significant developments for the company. The Compliance Officer change is a direct consequence of the Order rather than a separate management reshuffle. Since the company is now under a resolution process led by the IRP, the IRP's name, Mr. G. Gunasekaran, becomes the key point of contact and signing authority for company disclosures.
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