Authority: National Company Law Tribunal Allahabad Bench Prayagraj
Order Date: 9th June, 2026
Case Overview
The National Company Law Tribunal (NCLT) Allahabad Bench, comprising Hon'ble Member (Judicial) Sh. Praveen Gupta and Hon'ble Member (Technical) Sh. Ashish Verma, heard three interconnected applications filed under the Insolvency and Bankruptcy Code (IBC).
The matters involve insolvency petitions (CP (IB)) filed by financial creditor Samunnati Finance Private Limited against personal guarantors of corporate debtor Vizuddha Organic Farmers Producer Company Limited. Specifically:
- IA No.369/2026 in CP (IB) No.53/ALD/2026 against personal guarantor Katar Singh
- IA No.370/2026 in CP (IB) No.54/ALD/2026 against personal guarantor Neha Singh
- IA No.363/2026 & IA No.364/2026 in CP (IB) No.55/ALD/2026 against personal guarantor Arpit Singh
All petitions were filed under Section 95 of the IBC. The Resolution Professional (RP), Sh. Rajiv Bhatnagar, was present in person during the hearing. In IA No.363/2026, the application for placing on record the consent and declaration of the RP was taken on record and disposed of.
The principal matter before the tribunal concerned the RP reports filed under Section 99 of the IBC in the three cases.
Final Outcome
The NCLT directed that notices be issued to the three personal guarantors (Katar Singh, Neha Singh, and Arpit Singh). The guarantors were given two weeks to file their responses or objections to the RP reports. Following this, rejoinders may be filed within another two weeks, with copies exchanged between parties. The matters have been adjourned and will be put up for further hearing on July 24, 2026. A photocopy of this order is to be placed on record in all connected matters.
Topics: Insolvency Proceedings, Personal Guarantors, Corporate Debt