Case Details
Case Name: IL&FS Financial Services Limited vs Manoj Kumar Agarwal to Adhunik Meghalaya Steels Private Limited
Court/Authority: National Company Law Tribunal, Guwahati Bench
Case Number: CP(IB)/12/GB/2024
Hearing Date: 20th May 2026
Legal Provision: Under Section 95 of the Insolvency and Bankruptcy Code, 2016
Parties Involved
Petitioner/Financial Creditor (FC): IL&FS Financial Services Limited
Represented by: Mr. S. Mitra, Advocate and Ms. K. Sharma, Advocate
Respondent/Corporate Debtor (CD): Adhunik Meghalaya Steels Private Limited
Personal Guarantor (PG): Manoj Kumar Agarwal
Represented by: Mr. D.N. Sharma, Senior Advocate
Tribunal Members:
- Hon'ble Member (Judicial): Shri Rammurti Kushawaha
- Hon'ble Member (Technical): Shri Yogendra Kumar Singh
Proceedings & Order
The matter came up for hearing before the NCLT Guwahati Bench on 20th May 2026. Learned counsel for the respondents (Mr. D.N. Sharma, Sr. Adv.) sought an adjournment of the arguments on the ground that he was engaged before the Hon'ble Supreme Court of India.
Upon this request, the tribunal adjourned the matter to 12th June 2026 for arguments. The order was signed by both tribunal members: Shri Yogendra Kumar Singh (Member Technical) and Shri Rammurti Kushawaha (Member Judicial).
Nature of Case
The case involves an insolvency petition filed by IL&FS Financial Services Limited against Adhunik Meghalaya Steels Private Limited under Section 95 of the Insolvency and Bankruptcy Code, 2016, which pertains to the initiation of insolvency resolution process against personal guarantors to corporate debtors.