Authority: National Company Law Tribunal, Allahabad Bench, Prayagraj
Order Date: 9th June, 2026
Case Overview
The National Company Law Tribunal (NCLT) Allahabad Bench heard four interconnected Interlocutory Applications (IAs) filed by Canara Bank as the Financial Creditor. The petitions were against personal guarantors of corporate debtor Shree Basant Oils Ltd., specifically targeting Gagan Agarwal (IA No.09/2025 & IA No.325/2025), Trishla Devi (IA No.06/2025 & IA No.319/2025), and Pramod Kumar Agarwal (IA No.08/2025 & IA No.318/2025). All cases fall under Section 95 of the Insolvency and Bankruptcy Code, 2016, initiating the Personal Insolvency Resolution Process (PIRP). The Resolution Professional, Sh. Deepak Kumar Garg, was present in person during the hearing.
Final Outcome
The Tribunal granted an adjournment based on a request from the Financial Creditor's counsel, Sh. Ankur Gupta, who appeared through virtual hearing and cited personal difficulty. The matters have been rescheduled for further hearing on 17th July, 2026, and are to be placed higher on the board. The order copy is to be placed on record in all connected matters. No substantive hearing on the merits of the insolvency petitions occurred during this session.
Topics: Insolvency Proceedings, Banking Litigation, Guarantor Liability