Authority: National Company Law Tribunal, Allahabad Bench, Prayagraj
Order Date: 9th October, 2026
Case Overview
The National Company Law Tribunal (NCLT) Allahabad Bench heard two connected matters involving Canara Bank as the financial creditor and personal guarantors of M/s Shree Global Ventures Pvt. Ltd. The cases were:
- IA No.799/2025 in CP(IB) No.88/ALD/2025: Canara Bank vs. Sapna Saxena (Personal Guarantor)
- IA No.816/2025 in CP(IB) No.91/ALD/2025: Canara Bank vs. Rishabh Saxena (Personal Guarantor)
Both petitions were filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, initiating insolvency resolution processes against the personal guarantors of the corporate debtor, Shree Global Ventures Pvt. Ltd.
During the hearing, counsel for the financial creditor, Sh. Aakash Prasad, appeared through virtual hearing and stated on instructions that a settlement had been reached with the personal guarantors. Based on this development, he sought to withdraw both petitions.
Final Outcome
The NCLT Bench comprising Sh. Praveen Gupta (Member Judicial) and Sh. Ashish Verma (Member Technical) accepted the creditor's request and dismissed both petitions as withdrawn. The court also disposed of all other connected applications accordingly. The order directed that a photocopy be placed on record in both connected matters, formally closing the insolvency proceedings against the personal guarantors due to the reached settlement.
Topics: Insolvency Resolution, Banking Litigation, Settlement Agreement