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 an application filed by MM Boutique Pvt Ltd against Manoj Prabhudas Fifadra under Section 95 of the Insolvency and Bankruptcy Code, 2016. The proceedings involve insolvency resolution process for a personal guarantor. The applicant creditor (MM Boutique) complied with previous order dated 15 June 2026 by filing Vakalatnama on 27 June 2026 and submitting written consent of the Resolution Professional on the DMS portal on the same date. The applicant had already served an advance copy upon the respondent/personal guarantor.

The Tribunal directed that a copy of the application must be served upon all creditors and the Corporate Debtor in accordance with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors) Rules, 2019. The applicant was instructed 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.

Final Outcome

The Tribunal appointed Mr. Mukul Anand Singh (Registration Number: IBBI/IPA-002/IP-N01306/2024-2025/14493) as Interim Resolution Professional (IRP) for the applicant creditor. The IRP is directed to submit a report under Section 99 of the IBC, 2016 within ten days. The IRP must 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 Tribunal specifically directed the IRP to examine the aspects of "Debt", "Default", "Invocation of Guarantee", and "Limitation" in the report and offer comments regarding the maintainability of the petition. The IRP must file the report through a separate IA in this matter after serving it on all creditors, personal guarantor, and corporate debtor. The matter has been listed for next hearing on 17 August 2026 for consideration of the report to be filed by the IRP.

Topics: Insolvency Proceedings, Personal Guarantor, NCLT Order