Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad

Order Date: 16/06/2026

Case Overview

This proceeding involves an application (IA/753(AHM)2026) filed by HDFC Bank Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016. The application sought condonation of delay in submission of a claim and a direction to the Resolution Professional to consider the claim in the Personal Insolvency Resolution Process of Mr. Jugalkishor Ramkishan Agrawal, who is the Personal Guarantor to M/s JRA Infrastructure Limited.

The Personal Insolvency Resolution Process against Mr. Agrawal was admitted on 16/10/2025. HDFC Bank submitted its claim in Form-B on 02/05/2026, which was rejected by the Resolution Professional on 05/05/2026 solely on the grounds that it was submitted beyond the prescribed period. The bank argued that the delay occurred due to transfer of the loan account, verification of records, reconciliation of dues, and collection of supporting documents. The debt arises from financial facilities extended to M/s JRA Infrastructure Limited and guarantee obligations undertaken by the Personal Guarantor, which the bank stated was verifiable from available records.

The Resolution Professional opposed the application, contending that HDFC Bank was aware of the insolvency proceedings and public announcement (dated 19/10/2025) and that the insolvency process had substantially progressed before the claim submission.

The tribunal considered the judgment of the Supreme Court in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni & Anr. (Civil Appeal Nos. 7590-7591 of 2023, decided on 12/02/2024), which held that Resolution Professionals are required to collate information relating to liabilities from claims as well as records available in relation to the debtor. The existence of the underlying debt and guarantee documents (including a General Form of Guarantee dated 01/11/2021 and Sanction Acceptance Letter dated 03/06/2024) was not disputed.

Final Outcome

The NCLT allowed the application and condoned the delay in submission of HDFC Bank's claim. The Resolution Professional was directed to verify and consider the claim submitted through Form-B dated 02/05/2026 along with supporting documents in accordance with the Insolvency and Bankruptcy Code, 2016 and applicable Rules and Regulations. The tribunal clarified that this order does not constitute admission of the claim or determination of its quantum, which must be decided by the Resolution Professional according to law. The application was disposed of with no order as to costs.

Topics: Insolvency Proceedings, Banking Claims