Authority: National Company Law Tribunal (NCLT), New Delhi Bench (Court – II)
Order Date: 12 June 2026
Case Overview
This matter pertains to an application (IA-3770/ND/2025) filed by Indiabulls Housing Finance Limited against Dr. Subhash Chandra. The application was filed under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, which deals with the initiation of an Insolvency Resolution Process (IRP) against a personal guarantor to a corporate debtor. The case is registered under the main item number IB-97/ND/2022. The hearing was conducted in a hybrid mode (Virtual and Physical). Representatives for the current Resolution Professional (Adv. Sajeve Deora) and the Erstwhile Resolution Professional (Adv. Raj Kamal Saraogi) were present during the proceedings. The bench comprised Hon'ble Member (Judicial) Sh. Ashok Kumar Bhardwaj and Hon'ble Member (Technical) Sh. Atul Chaturvedi.
Final Outcome
The bench did not pass any substantive order on the merits of the case, noting that there was "No time left." The matter has been adjourned and is now listed for the next hearing on 20th July 2026.
Topics: Insolvency Proceeding, Personal Guarantor, NCLT