Authority: National Company Law Tribunal (NCLT), Division Bench, Court - 1, Ahmedabad
Order Date: 10/06/2026
Case Overview
This proceeding, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, involves an application (IA/894(AHM)2026) filed in the main matter CP(IB)/238(AHM)2025. The applicant is Central Bank of India, and the respondent is Mr. Kishorbhai Vachhani, a personal guarantor. The insolvency resolution process against the personal guarantor was commenced pursuant to a previous order dated 30.03.2026, which led to the appointment of a Resolution Professional (RP). A public announcement was made to invite claims from creditors, which were examined and admitted by the RP. The respondent, Mr. Kishorbhai Vachhani, subsequently submitted a Repayment Plan dated 15.05.2026. The present application was filed by the Resolution Professional under Section 106(1) of the IBC, seeking to have this Repayment Plan and the RP's own report taken on record. The application also sought condonation for a delay in its filing and permission to convene a meeting of creditors to consider the plan.
Final Outcome
The NCLT bench, comprising Member (Technical) Mr. Sanjeev Sharma and Member (Judicial) Mr. Shammi Khan, allowed the application. The tribunal condoned the delay in filing the application. The Repayment Plan dated 15.05.2026 and the Report of the Resolution Professional submitted under Section 106(1) of the IBC were 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 the law. The application (I.A. No. 894 of 2026) was disposed of accordingly.
Topics: Insolvency, Banking