Authority: National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj - Division Bench consisting of Sh. Praveen Gupta (Hon'ble Member Judicial) and Sh. Ashish Verma (Hon'ble Member Technical)
Order Date: 12th June, 2026
Case Overview
The National Company Law Tribunal, Allahabad Bench heard three connected insolvency petitions filed by Indian Bank (erstwhile Allahabad Bank) against personal guarantors of corporate debtor M/S SSJ Agro Tech Pvt. Ltd. The petitions were filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) and are currently in the pre-insolvency resolution process (PIRP) stage.
Specifically, the petitions are:
- CP (IB) No.62/ALD/2024: Indian Bank vs. Sukant Jain (Personal Guarantor)
- CP (IB) No.63/ALD/2024: Indian Bank vs. Nikant Jain (Personal Guarantor)
- CP (IB) No.64/ALD/2024: Indian Bank vs. Vaishali Jain (Personal Guarantor)
During the hearing, Sh. Yashasvi Bhatia appeared as proxy counsel through virtual hearing and sought an adjournment on the grounds that the learned arguing counsel representing the resolution professional was not available. Additionally, no vakalatnama or memo of appearance had been filed by the arguing counsel.
Final Outcome
The NCLT bench granted the adjournment request and rescheduled the hearing for all three matters to 4th August, 2026. The proxy counsel was advised to appear at the next hearing after filing the proper vakalatnama or memo of appearance. The photocopy of this order was directed to be placed on record in all connected matters. The matters remain pending without any substantive decision on the insolvency petitions against the personal guarantors.
Topics: Insolvency Proceedings, Personal Guarantors, Banking Debt