Mr. Arjun Kapoor filed a voluntary insolvency petition under Section 94(1) of the IBC 2016 as a personal guarantor for Plastech Formwork Systems Pvt Ltd.
The corporate debtor defaulted on a Rs 13 crore principal and Rs 15.07 crore interest-bearing loan from Bank of India, declared NPA on 09.10.2024.
The NCLT Bengaluru Bench appointed Chandan Yakkar Shanbhogue as Resolution Professional and directed an initial deposit of Rs 30,000 for the process.
The petition triggered an interim moratorium; the RP must file recommendations within stipulated timelines, with next hearing listed for 11.06.2026.