Authority: National Company Law Tribunal (NCLT), Division Bench (Court–I), Chennai
Order Date: 15 June 2026
Case Overview
The matter involves an insolvency petition (CP(IBC)/350(CHE)/2025) filed by the financial creditor, Tata Capital Ltd, against a personal guarantor related to the corporate debtor, Luckshmi Yarn Impex Pvt Ltd. An interlocutory application (IA(IBC)/55(CHE)/2026) was also listed. The hearing was presided over by a bench comprising Hon'ble Shri Sanjiv Jain, Member (Judicial), and Hon'ble Shri Venkataraman Subramaniam, Member (Technical). The Interim Resolution Professional (IRP), Mr. Sudhir, appeared in person. The financial creditor, represented by counsel Mr. Kunal, filed an affidavit confirming that the petition had been served on the personal guarantor. The IRP had already submitted a report to the tribunal recommending the initiation of insolvency proceedings against the personal guarantor.
Final Outcome
The personal guarantor was not present at the hearing despite being served notice and given time to respond. Consequently, the NCLT adjourned the hearing and listed both the main petition and the application for the next hearing on 14 July 2026. No final ruling on the initiation of insolvency was made in this order.
Topics: Insolvency, Personal Guarantor