606 NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT – II CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL, CHENNAI BENCH, HELD ON 05.05.2026 AT

10.30 A.M. THROUGH VIDEO CONFERENCING:

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PRESENT: SHRI. JYOTI KUMAR TRIPATHI, HON'BLE MEMBER (JUDICIAL)

SHRI. RAVICHANDRAN RAMASAMY, HON'BLE MEMBER (TECHNICAL)

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APPLICATION NUMBER : --

PETITION NUMBER : CP(IB)/212(CHE)2024 NAME OF THE PETITIONER : Balaganga Textiles Pvt Ltd NAME OF THE RESPONDENT(S) : --

UNDER SECTION : Sec 10 Rule 7 of IBC, 2016 ----------------------------------------------------------------------------------------------------------------

ORDER

Present: Ld. Counsel Mr. Alladi Rahul for the Petitioner.

Vide separate order pronounced in open court, CP(IB)/212(CHE)2024 is Allowed.

Sd/- Sd/-

RAVICHANDRAN RAMASAMY JYOTI KUMAR TRIPATHI Member (Technical) Member (Judicial)

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IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – II, CHENNAI (Filed under Section 10 of the Insolvency and Bankruptcy Code, 2016)

In the matter of M/s. Balaganga Textiles Private Limited M/s. Balaganga Textiles Private Limited, Mr. D. Boopathi, Managing Director CIN: U17309TZ2018PTC030960 Having Office at, D.No.122-3B, Gandhi Nagar, Athumedu, ODC Road, Vedasandur, Dindigul, Tamil Nadu – 624 710.

…Corporate Debtor/Applicant Order Pronounced on 05th May 2026 CORAM SHRI JYOTI KUMAR TRIPATI, MEMBER (JUDICIAL)

SHRI RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL) For Petitioners :- Mr. Vigneshwar Elango, Alladi Rahvi, Advocates For Respondent :- Mr. S. Krishna, Mr. M. Anthony Moses, Mr. Gautham Ram Vittal, Advocates

O R D E R

(Heard Through Hybrid Mode)

1. The present application has been filed by Balaganga Textiles Private Limited (“the Corporate Applicant” or “the Corporate Debtor”) under Section 10 of the Insolvency and Bankruptcy Code, 2016 (“the Code”), seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against it. The application has been filed through one of its Directors, Mr. D. Boopathi duly authorised by a Board Resolution dated 29.08.2024 as annexed in Page No. 44 of the petition.

2. Part-I of the Petition sets out of the details of the Corporate Applicant. It is averred that the M/s Balaganga Textiles Private Limited, incorporated on 19.09.2018, with an Authorized Share Capital of Rs. 11,00,00,000/- and the Issued, Subscribed and fully Paid-up Share Capital of Rs. 11,00,00,000/- which is represented by Mr. D. Boopathi with its registered office situated at D.No.122-3B, Gandhi Nagar, Athumedu, ODC Road, Vedasandur, Dindigul, Tamil Nadu – 624 710.

3. In Part-II of the Petition the Corporate Applicant has proposed Mr. S. Kangayan, with Reg.no. IBBI/IPA-002/IP-N00866/2019-2020/12770 to act as a Resolution Professional and therefore, prayed the Tribunal to make a reference to the board for appointment of Interim Resolution professional.

3. Part-III of the Petition sets out the details of the Financial or Operational Creditor, with HDFC Bank being the Financial Creditor and the List of 7 Unsecured Financial Creditors and 71 Operational Creditors as enclosed. The total amount of default is Rs. 41,00,95,626/- (Rupees Forty One Crores Ninety Five Thousand Six Hundred and Twenty Six Only), of which Rs. 37,92,29,463/- (Rupees Thirty Seven Crores Ninety Two Lakhs Twenty Nine Thousand Four Hundred and Sixty Three Only) is payable to Financial Creditors and Rs. 3,08,66,163/- (Rupees Three Crores Eight Lakhs Sixty Six Thousand One Hundred and Sixty Three Only) is payable to Operational Creditors. It also states the particulars of the Debt, documents, records and evidence of the default.

4. SUBMISSIONS OF THE PETITIONERS:

4.1 It is submitted that the Corporate Applicant convened an EGM dated 29.08.2024 wherein a resolution was passed approving the initiati