Authority: National Company Law Tribunal Allahabad Bench Prayagraj
Order Date: 7th July, 2026
Case Overview
The National Company Law Tribunal (NCLT) Allahabad Bench heard two connected insolvency petitions filed by State Bank of India (SBI) against personal guarantors of M/S Simbhaoli Sugars Limited.
- CP (IB) No.22/ALD/2024: State Bank of India vs Gurpal Singh Mann (Personal Guarantor of M/S Simbhaoli Sugars Limited)
- CP (IB) No.23/ALD/2024: State Bank of India vs Gurmit Singh Mann (Personal Guarantor of M/S Simbhaoli Sugars Limited)
Both petitions were filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, which deals with initiation of insolvency resolution process against personal guarantors to corporate debtors.
Final Outcome
The Tribunal adjourned both matters to 29th July, 2026. The adjournment was granted at the request of the Financial Creditor's (SBI) proxy counsel, Sh. Avinash Kumar, who appeared physically and sought adjournment on the ground that the learned arguing counsel, Sh. Sandeep Arora representing the Financial Creditor, was not available. The proxy counsel undertook to file his vakalatnama or memo of appearance in the present petition before appearing on the next date of hearing. The photocopy of this order was directed to be placed on record in both connected matters.
Topics: Insolvency Proceedings, Personal Guarantors, Banking Litigation