Authority: National Company Law Tribunal, Kolkata Bench (Special Bench O-225)
Order Date: 29th June 2026
Case Overview
The National Company Law Tribunal (NCLT) Kolkata Bench heard matters related to C.P. (IB)/92(KB)2025 and IA(I.B.C)/1684(KB)2025 under Section 95(1) of the Insolvency and Bankruptcy Code. The proceeding involves Canara Bank as the financial creditor versus Raghu Ragav Balasaria, who is the personal guarantor for Venus Bioscience Pvt. Ltd. Multiple counsel appeared representing different parties: Mr. Siddhanth Makkar for the Resolution Professional, Mr. Avirup Chatterjee, Mr. Prasenjit Pal, and Mr. Rishov Das for the Personal Guarantor, and Mr. Sujash Ghosh Sastidar, Ms. Sankari Ray, Ms. Sayeri Mukhopadhyay, and Ms. Susmita Chatterjee for the Financial Creditor (Canara Bank).
Final Outcome
The Special Bench comprising Hon'ble Member (Judicial) Shri Cheekati Radha Krishna and Hon'ble Member (Technical) Ms. Rekha Kantilal Shah noted that the regular bench was unavailable on the hearing date. Consequently, the matter has been adjourned and listed for hearing before the Regular Bench on 28th July 2026. No substantive decisions on the insolvency proceeding were made in this hearing.
Topics: Insolvency Proceeding, Personal Guarantor, Banking Dispute