NCLT Admits Sonia Kapur Personal Guarantor Insolvency

Case Name: I.A. No. 439/ND/2025 in CP (IB) No. 836/ND/2024 Indusind Bank vs Ms. Sonia Kapil

Court/Authority: National Company Law Tribunal, New Delhi, Bench (Court-II)

Case Number: CP (IB) No. 836/ND/2024 and I.A. No. 439/ND/2025

Order Date: 22.05.2026

Presiding Members: Sh. Ashok Kumar Bhardwaj, Hon'ble Member (J) and Ms. Reena Sinha Puri, Hon'ble Member (T)

Period of Default: Account classified as Non-Performing Asset on 28.01.2019

Petitioner/Financial Creditor: IndusInd Bank Ltd.

Respondent/Personal Guarantor: Ms. Sonia Kapil (Promoter and Director of Compact Lamps Private Limited)

Resolution Professional: Mr. Vijay Kishore Saxena

Corporate Debtor: Compact Lamps Private Limited (Principal Borrower)

The Principal Borrower, Compact Lamps Private Limited, availed various financial facilities from IndusInd Bank Limited pursuant to sanction letters dated 03.03.2014, 13.03.2014, 17.06.2016 and 27.06.2016.
Financing documents included Master General Terms Agreement, facility agreements, deeds of hypothecation and personal guarantees of Ms. Sonia Kapil and Mr. Kapil Gupta.
The account was classified as Non-Performing Asset on 28.01.2019.
Demand notice dated 20.01.2020 under Section 13(2) of the SARFAESI Act, 2002 was issued demanding Rs. 32,14,68,144/-.
A specific demand notice in Form B under Rule 7(1) of the Personal Guarantor Rules was issued on 03.01.2024, invoking the personal guarantee of Ms. Sonia Kapil and claiming an outstanding amount of Rs. 64,43,79,347.80 as on 31.12.2023.

The Principal Borrower was admitted into Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Code vide order dated 11.01.2019.
Upon failure of CIRP, the CoC approved liquidation on 07.10.2019, and liquidation proceedings commenced vide order dated 31.10.2019 in C.P.(IB) 1372(PB)/2018.
The Financial Creditor filed application under Section 95(1) against the Personal Guarantor.
By order dated 18.12.2024, the Tribunal appointed Mr. Vijay Kishore Saxena as Resolution Professional under Section 97 and imposed moratorium under Section 96(1).
The RP issued communications to both parties and confirmed that the PG stated via email dated 17.01.2025 that no repayment had been made.
The RP examined the application and recorded compliance with Section 95 requirements, including proper filing in Form C, prescribed fee, supporting documents, served demand notice, default supported by NESL records, and no proof of repayment.
The RP confirmed the debt does not fall under "excluded debts" under Section 79(15) and the PG is not eligible for a fresh start process.
The Tribunal found that statutory requirements under Sections 95 and 99 were satisfied and the PG did not controvert the RP's findings.

The petition CP (IB) 836/ND/2024 is admitted.
Insolvency Resolution Process is initiated against Ms. Sonia Kapil.
Moratorium is declared in relation to all debts, effective from date of admission and ceasing after 180 days as per Section 101.
During moratorium: (i) pending legal actions/proceedings deemed stayed; (ii) creditors cannot initiate new legal actions; (iii) debtor cannot transfer, alienate, encumber or dispose of assets.
Provisions not applicable to transactions notified by Central Government.

Resolution Professional directed to cause public notice within 7 days from order upload date inviting claims from all creditors within 21 days.
Publication to be made in one English and one vernacular newspaper with wide circulation in the state where debtor resides.
RP to furnish two spare copies of notice to Registry for affixing on premises and website.
RP to prepare list of creditors within 30 days from notice date.
Personal Guarantor must prepare, in consultation with RP, a Repayment Plan for restructuring debts under Section 105, including provisions for payment of RP's fee.
RP to submit Repayment Plan along with report to Tribunal within 21 days from last date of claim submission.
RP must either recommend against creditor meeting (with reasons) or summon meeting with 14-28 days notice and details as per Section 106(3) and 107.
Meeting to be conducted as per Sections 109, 110 and 111.
RP to prepare report of creditor meeting on repayment plan with details under Section 112 and submit to Authority, providing copies to guarantor and creditors.
RP must perform functions in compliance with Code of Conduct under Section 208.

CP (IB)-836/ND/2024 and IA-439/ND/2025 disposed of in terms of the above directions.
Copy of order, application, and RP report to be provided to Financial Creditor, Personal Guarantor and IBBI by Registry/Court Master via email within 7 days.