Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 10/06/2026
Case Overview
The National Company Law Tribunal (NCLT), Ahmedabad, heard an application (IA/893(AHM)2026) filed in the matter of CP(IB)/168(AHM)2025. The application was filed by the Resolution Professional under Section 106(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) in proceedings initiated under Section 95 IBC against Mr. Jeet Kishorebhai Vachhani, a personal guarantor. The insolvency resolution process against the personal guarantor was commenced pursuant to an order dated 30.03.2026, following which a Resolution Professional was appointed and a public announcement was made to invite claims from creditors. The claims received were examined and admitted by the Resolution Professional. The personal guarantor subsequently submitted a Repayment Plan dated 15.05.2026. The Resolution Professional examined this plan and submitted a report under Section 106(1) of the Code. The present application sought to have this Repayment Plan and the RP's report taken on record, condonation of any delay in filing the application, and permission to convene a meeting of creditors to consider the plan.
Final Outcome
The NCLT bench, comprising Member (Judicial) Shammi Khan and Member (Technical) Sanjeev Sharma, allowed the application. The tribunal condoned any delay in filing the application. It ordered that the Repayment Plan dated 15.05.2026 and the Report of the Resolution Professional submitted under Section 106(1) of the Code be taken on record. The Resolution Professional was permitted to convene a meeting of creditors in accordance with Section 107 of the Insolvency and Bankruptcy Code, 2016 for the consideration of the Repayment Plan and to proceed further in accordance with law. The application (IA No. 893 of 2026) was disposed of accordingly.
Topics: Insolvency Resolution, Personal Guarantor, NCLT Proceeding