Authority: National Company Law Tribunal, Indore Bench, Court No. 1
Order Date: June 15, 2026
Case Overview
The application, registered as CP(IB)/88(MP)2026, was filed by MM Boutique Pvt Ltd (Applicant/Creditor) against Ulka Chandrashekar Nair (Respondent/Personal Guarantor). The proceedings are under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application specifically seeks the initiation of an Insolvency Resolution Process against the respondent in their capacity as a personal guarantor to a corporate debtor. The application was filed on May 29, 2026, in accordance with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The matter was heard by a bench comprising Hon'ble Shri Brajendra Mani Tripathi (Member Judicial) and Hon'ble Shri Man Mohan Gupta (Member Technical). During the hearing, the applicant's counsel, Mr. Shourya Kackar, appeared online. The respondent was not represented.
Final Outcome
The tribunal did not rule on the merits of the application. Instead, it granted time to the applicant's counsel to file the necessary Vakalatnama (power of attorney) and the written consent of the proposed Resolution Professional. The matter was adjourned and is next listed for hearing on June 29, 2026. The insolvency process has not been admitted at this stage.
Topics: Insolvency, Personal Guarantor, NCLT