Authority: National Company Law Tribunal Allahabad Bench Prayagraj

Order Date: 8th June, 2026

Case Overview

The National Company Law Tribunal (NCLT) Allahabad Bench heard multiple interconnected insolvency proceedings filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) against personal guarantors of M/s JVL Agro Industries Ltd. The matters involved petitions filed by Bank of Baroda and State Bank of India against four personal guarantors: Adarsh Jhunjhunwala, Satyanarayan Jhunjhunwala, Deenanath Jhunjhunwala, and Anju Jhunjhunwala.

The proceedings included:

  • CP (IB) No.35/ALD/2025: Bank of Baroda vs Adarsh Jhunjhunwala
  • CP (IB) No.37/ALD/2025: Bank of Baroda vs Satyanarayan Jhunjhunwala
  • CP (IB) No.57/ALD/2021: State Bank of India vs Satyanarayan Jhunjhunwala
  • CP (IB) No.58/ALD/2021: State Bank of India vs Adarsh Jhunjhunwala
  • CP (IB) No.36/ALD/2025: Deenanath Jhunjhunwala matter
  • CP (IB) No.40/ALD/2025: Bank of Baroda vs Anju Jhunjhunwala

The personal guarantors have filed applications seeking dismissal of the petitions, primarily alleging concealment of material facts by the financial creditors, particularly regarding the total net worth of the personal guarantors.

Key Applications Heard:

  • IA No.381/2026 (Item No.110): Filed by Personal Guarantor seeking dismissal of petition no. 58/ALD/2021 filed by State Bank of India
  • IA No.380/2026 (Item No.109): Filed by Personal Guarantor
  • IA No.379/2026 (Item No.112): Filed by Personal Guarantor against Bank of Baroda

The Tribunal noted that in some cases, the financial creditors and Resolution Professional were not in receipt of the application copies filed by the personal guarantors.

Final Outcome

The NCLT adjourned all matters to 24th July, 2026 at 12:30 PM. The Tribunal issued notices to non-applicants (financial creditors) and Resolution Professionals where required. Parties were directed to file responses/objections within two weeks, with advance copies to be supplied to opposing counsel. The Resolution Professional and financial creditors were given time to file their responses to the applications seeking dismissal of the petitions.

Topics: Insolvency Proceedings, Personal Guarantors, Banking Debt