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

Order Date: 12 June 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 Ankur Tayal (Respondent No. 1/Personal Guarantor) for defaulting on a guarantee amount of ₹1,11,88,396.43 (One Crore Eleven Lakh Eighty-Eight Thousand Three Hundred Ninety-Six and Forty-Three Only). Pytex Impex Private Limited is named as Respondent No. 2/Corporate Debtor for whom the guarantee was provided.

The applicant served a Demand Notice dated 13 October 2025 under clause (b) of sub-section 4 of Section 95 read with Rule 7 of the Rules, demanding payment of the default amount. 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 upheld the constitutional validity of Sections 95-100 of the IBC and clarified that no judicial adjudication or hearing is required at the stage of appointing a Resolution Professional under Section 97(5) of the Code.

Final Outcome

The NCLT appointed Mr. Ajay Gulati (IBBI Registration No. IBBI/IPA-001/IP-P00943/2017-2018/11547, Email: ajaygulati.ca@gmail.com, Contact: 9811079215) as Resolution Professional from the IBBI panel valid for the period 16 January 2026 to 30 June 2026. The Resolution Professional is directed to perform all functions under Section 99 of IBC, 2016, examine the application, and submit a written report with recommendations for acceptance or rejection of the application within 10 working days. The interim moratorium under Section 96(1)(a) of the Code has commenced, covering all debts of the Personal Guarantor. The matter is listed for next hearing on 24 July 2026 for consideration of the Resolution Professional's report.

Topics: Insolvency Proceedings, Debt Recovery, Personal Guarantee