Authority: National Company Law Tribunal, Indore Bench Court No. 1

Order Date: 29 June 2026

Case Overview

The National Company Law Tribunal (NCLT) Indore Bench heard proceedings under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 in case CP(IB)/89(MP)2026. The application was filed by MM Boutique Pvt Ltd (Applicant/Creditor) against Bhavna Kirit Fifadra (Respondent/Personal Guarantor). The bench comprised Hon'ble Shri Brajendra Mani Tripathi (Member Judicial) and Hon'ble Shri Man Mohan Gupta (Member Technical).

During the proceedings, the applicant's counsel confirmed compliance with the previous order dated 15 June 2026 by filing the Vakalatnama on 27 June 2026 and submitting the written consent of the Resolution Professional on the DMS portal on the same date. It was also submitted that an advance copy had been served upon the respondent/personal guarantor.

The tribunal directed the applicant to collect notices from the registry within three days and serve them upon the respondents/personal guarantor(s) through Registered Post/Speed Post, Dasti, and registered email IDs within seven days. The respondents were directed to file their reply within seven days from receipt of notice.

Final Outcome

The tribunal appointed Mr. Mukul Anand Singh (Registration Number: IBBI/IPA-002/IP-N01306/2024-2025/14493) as the Interim Resolution Professional (IRP). The IRP was directed to submit a report under Section 99 of the IBC, 2016 within ten days, specifically examining aspects of "Debt", "Default", "Invocation of Guarantee", and "Limitation" while offering comments on the maintainability of the petition. The IRP is required to examine the application by obtaining details of all creditors from the personal guarantor, notify all creditors and the personal guarantor through all modes, seek their responses, and prepare a report recommending either acceptance or rejection of the application. The matter was posted for next hearing on 17 August 2026 for consideration of the IRP's report.

Topics: Personal Guarantor Insolvency, NCLT Proceedings, Corporate Debt Recovery