Authority: National Company Law Tribunal Allahabad Bench Prayagraj
Order Date: 7th July, 2026
Case Overview
The National Company Law Tribunal (NCLT) Allahabad Bench heard IA No.393/2026 in CP (IB) No.57/ALD/2021. The application involves State Bank of India (SBI) as the Financial Creditor versus Mr. Satya Narayan Jhunjhunwala, who is the personal guarantor for M/S JVL Agro Industries Ltd. The proceeding is filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016.
During the hearing, Ms. Shreya Pandey appeared as proxy counsel for the applicant and sought an adjournment on the grounds that the learned arguing counsel, Sh. Kunal Sachdeva, was unavailable. She also stated that she would file her vakalatnama or memo of appearance in the matter before the next date of hearing.
Final Outcome
The bench, comprising Shri Praveen Gupta (Member Judicial) and Shri Ashish Verma (Member Technical), granted the adjournment. The matter has been rescheduled for hearing on 13th July, 2026, and will be shown in the supplementary list. No substantive hearing on the merits of the insolvency application against the personal guarantor took place during this session.
Topics: Insolvency Proceeding, Personal Guarantor, Banking Dispute