Authority: National Company Law Tribunal, New Delhi Bench (Court – II)
Order Date: 10.07.2026
Case Overview
This is an order in an interlocutory application (IA-3080/ND/2026) filed within the main insolvency petition (IB-768/ND/2022). The applicant/petitioner is the State Bank of India, and the respondent is Sh. Arjun Gupta. The main petition is an application filed by the financial creditor (SBI) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, which pertains to the initiation of insolvency resolution against a personal guarantor. The specific application (IA) in this hearing was for the submission and acceptance of a Second Progress Report in the ongoing proceedings.
The bench, comprising Hon'ble Member (Judicial) Sh. Ashok Kumar Bhardwaj and Hon'ble Member (Technical) Sh. Atul Chaturvedi, heard the matter in a hybrid mode (VC and Physical). The applicant was represented by Adv Prerna Mahara.
Final Outcome
The tribunal allowed the interlocutory application (IA-3080/ND/2026). The order states: "For the reason stated therein, IA is allowed, and the Second Progress Report is kept on record subject to just all exceptions." This means the application was approved, and the progress report submitted by SBI has been officially accepted as part of the case record.
Topics: Insolvency Proceeding, NCLT Order, Personal Guarantor