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 insolvency applications (IA Nos. 551/2024, 553/2024, 552/2024, 554/2024 and IA Nos. 163/2025, 164/2025, 56/2025, 55/2025) filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The applications were filed by Indian Bank as the Financial Creditor against four personal guarantors of M/s Sudershan Ferroloys & Bars Ltd: Surekha Jain, Yogesh Kumar Jain, Vinay Kumar, and another unnamed guarantor (in IA No. 551/2024).
During the hearing, counsel for the personal guarantors stated that replies had been filed raising objections to the Resolution Professional's report submitted under Section 99 of the Code. They further noted that no rejoinder had been filed to these objections.
Final Outcome
The Tribunal adjourned the matter for final hearing on 20th November, 2026. It directed that any rejoinder to the objections raised by the personal guarantors must be filed within two weeks, with an advance copy served to the opposite side. The Resolution Professional was specifically directed to be present at the next hearing to assist the Adjudicating Authority. The order was to be placed on record in all connected matters.
Topics: Insolvency Proceedings, Personal Guarantors, Corporate Debt