# Power Finance Corporation Ltd vs. KVK Nilachal Power Pvt Ltd

> NCLT judgment dated 2026-08-05. Citation: TCN-2026-NCLT-00797. An application (IA (IBC) 1146/2026) was filed before the National Company Law Tribunal,…

- **Court:** NCLT
- **Order date:** 5 Aug 2026
- **Citation:** TCN-2026-NCLT-00797
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/power-finance-corporation-ltd-vs-kvk-nilachal-power-pvt-ltd-2b5t5

## Summary

### Background

An application (IA (IBC) 1146/2026) was filed before the National Company Law Tribunal, Hyderabad Bench – II, seeking approval for the appointment of a new liquidator for KVK Nilachal Power Pvt Ltd, the Corporate Debtor. This became necessary due to the sudden demise of the erstwhile liquidator, Mr. Rajendra Prasad Tak.

## Facts

An application (IA (IBC) 1146/2026) was filed in Company Petition (IB) No.328/7/HDB/2018 under Section 7 of the IBC.

The application sought approval for the appointment of a new liquidator for the Corporate Debtor, KVK Nilachal Power Pvt Ltd.

The previous liquidator, Mr. Rajendra Prasad Tak, had passed away.

On April 10, 2026, lenders unanimously resolved to appoint Mr. C.A. Pankaj Bhattad as the Liquidator of the Corporate Debtor.

The appointment of Mr. C.A. Pankaj Bhattad was subject to the approval of the Tribunal.

## Issues and analysis

### Issue 1: Whether the application for the approval of the appointment of Mr. C.A. Pankaj Bhattad as the new …

**Ratio:** The Tribunal approved the appointment of the new liquidator, Mr. C.A. Pankaj Bhattad, as

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**Reasoning:** The application was necessitated by the sudden demise of the erstwhile liquidator, Mr.

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**Interpretation:** The Tribunal exercises its power to facilitate the smooth continuation of

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**Application:** The Tribunal applied its discretion and authority under the Insolvency and

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** Power Finance…
- **Respondents:** KVK Nilachal…
- **Other parties:** Rajendra Prasad…; C.A. Pankaj…
- **Advocates:** Yash Va…

## Timeline

- **2026-04-10 — Lenders' M…**: Lenders unanimously resolved to appoint Mr. C.A. Pankaj Bhattad as Liquidator of the…
- **2026-08-05 — Tribunal…**: The National Company Law Tribunal, Hyderabad Bench – II, allowed the application,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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