Authority: National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj
Order Date: 9th October 2026
Case Overview
This hearing concerned two Interim Applications (IA No.513/2026 and IA No.720/2026) filed within the main insolvency process, CP (IB) No.59/ALD/2023. The main case is an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) initiated by the Small Industries Development Bank of India (SIDBI) against Mr. Rahul Jessal Mittra in his capacity as the Personal Guarantor of Margdarshak Financial Services Ltd. The proceedings are under the Personal Insolvency Resolution Process (PIRP). The applications were filed by the Bankruptcy Trustee (BT) and were heard by a bench comprising Hon'ble Member (Judicial) Sh. Praveen Gupta and Hon'ble Member (Technical) Sh. Ashish Verma.
Final Outcome
The tribunal disposed of both applications. For IA No.513/2026, the application to place the 2nd Progress Report on record was allowed and the report was taken on record. For IA No.720/2026, the application to place the report on the reconstitution of the Committee of Creditors (CoC) on record was allowed; this report was found at page 31 of the application. The main insolvency matter (CP (IB) No.59/ALD/2023) was adjourned and is next listed for hearing on 20th November 2026.
Topics: Insolvency, NCLT, Personal Guarantor