Authority: National Company Law Tribunal, New Delhi Bench Court-V

Order Date: 12.06.2026

Case Overview

Aditya Birla Capital Limited (Applicant/Financial Creditor) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The application seeks initiation of Personal Insolvency Resolution Process (PIRP) against Ashish Tayal (Respondent No. 1/Guarantor) for default amount of ₹1,11,88,396.43 (Rupees One Crore Eleven Lakh Eighty-Eight Thousand Three Hundred Ninety-Six and Forty-Three Only). The Corporate Debtor is Pytex Impex Private Limited (Respondent No. 2).

The Applicant submitted that a Demand Notice dated 13.10.2025 under clause (b) of sub-section 4 of Section 95 read with Rule 7 of the Rules, demanding payment of the default amount (in Form-B) was served and is enclosed as Annexure A-131. Proof of service of the application to both the Personal Guarantor and Corporate Debtor has been placed on record at Page 312 of Volume II of the Application.

The Tribunal referenced the Supreme Court judgment in Dilip B Jiwrajka Vs. Union of India & Ors. (Writ Petition (Civil) No. 1281 of 2021) which established that no judicial adjudication is involved at the stages envisaged in Sections 95-99 of the IBC and no hearing is required by the Adjudicating Authority at the stage of appointing a Resolution Professional under Section 97(5) of the Code.

Final Outcome

The NCLT appointed Mr. Ajay Gulati as Resolution Professional (IBBI Registration No.: IBBI/IPA-001/IP-P00943/2017-2018/11547, Email: ajaygulati.ca@gmail.com, Contact: 9811079215) from the panel of Insolvency Professionals valid for the period 16th January, 2026 to 30th June, 2026 issued by IBBI. The Resolution Professional is directed to perform all functions under Section 99 of IBC, 2016 and examine the application to make recommendations with reasons in writing for acceptance or rejection within 10 working days. The interim moratorium under Section 96(1)(a) of the Code has commenced against all debts of the Personal Guarantor. The matter is listed for next hearing on 24.07.2026 for perusal of the Resolution Professional's report.

Topics: Personal Guarantor Insolvency, NCLT Proceedings