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 the matter of MM Boutique Pvt Ltd (Applicant/Creditor) versus Kirit Prabhudas Fifadra (Respondent/Personal Guarantor). The case involves an insolvency resolution process application against a personal guarantor. The applicant creditor had filed necessary documents including Vakalatnama on 27 June 2026 in compliance with the previous order dated 15 June 2026, and had served an advance copy upon the respondent personal guarantor.
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 is directed to submit a report under Section 99 of the IBC within 10 days, specifically examining aspects of "Debt", "Default", "Invocation of Guarantee", and "Limitation" regarding the maintainability of the petition. The applicant was directed to serve notices to the respondent and all creditors through registered post, speed post, and email within seven days. The respondent must file their reply within seven days of receiving notice. The matter is listed for next hearing on 17 August 2026 for consideration of the IRP's report.
Topics: Personal Guarantor Insolvency, NCLT Proceedings, Debt Resolution