Authority: National Company Law Tribunal, Allahabad Bench, Prayagraj
Order Date: 9th October, 2026
Case Overview
The National Company Law Tribunal (NCLT) Allahabad Bench heard four interconnected applications (IA Nos. 226/2025, 227/2025, 228/2025, and 390/2025) filed by the Small Industries Development Bank of India (SIDBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC). The applications were part of Corporate Insolvency Resolution Process (CIRP) proceedings against JML Marketings Pvt. Ltd. (CP (IB) Nos. 20/ALD/2022 and 21/ALD/2022).
The applications were filed against four personal guarantors of the corporate debtor, JML Marketings Pvt. Ltd.:
1. Virendra Kumar Chawla (Item No. 114)
2. Anil Arora (Item No. 115)
3. Rajinder Kumar Chawla (Item No. 116)
4. Kimti Lal Arora (Item No. 117)
Final Outcome
The Tribunal noted that counsel for the personal guarantors stated that a repayment plan had been submitted and was under active consideration and voting before the Committee of Creditors (CoC). The Resolution Professional and their arguing counsel were not present for the hearing, though a proxy counsel, Ms. Meghna Rana, appeared virtually and undertook to file the necessary appearance documents before the next hearing.
The matter was adjourned to 20th November, 2026 for further proceedings. The order was directed to be placed on record in all connected matters.
Topics: Insolvency Proceedings, Personal Guarantors, Banking Litigation