Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 12/06/2026
Case Overview
The application was filed by SVC Co-Operative Bank Ltd (formerly known as Shamrao Vithal Cooperative Bank Ltd) as the Financial Creditor under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The proceedings are against MaheshKumar Udesinhbhai Parmar, who is the Personal Guarantor of corporate debtor M/s Sahar Industries LLP. The application seeks initiation of Insolvency Resolution Process under Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019.
The tribunal heard arguments from Mr. Sumit Parikh, Advocate representing the Applicant/Financial Creditor. The respondent/personal guarantor was not represented during these proceedings. The Financial Creditor proposed the appointment of Sun Resolution Professionals Pvt. Ltd. as the Interim Resolution Professional (IRP), having Registration Number: IBBI/IPE-0064/IPA-1/2023-24/50043. The tribunal verified that the AFA (Authorized Financial Advisor) of the proposed IRP is valid until 30.06.2026.
Final Outcome
The NCLT appointed Sun Resolution Professionals Pvt. Ltd. as the IRP for the respondent/personal guarantor. The IRP is directed to submit a report under Section 99 of the IBC, 2016 within ten days. The IRP is required to examine the application as set out in Section 97(6) of IBC, 2016 and after examination, may recommend either acceptance or rejection of the application in its report as per Section 97(7). The report must be filed through a separate IA in this matter after serving copies to both the respondent/personal guarantor and the corporate debtor. The applicant/financial creditor is directed to serve a copy of this order and the petition to the IRP within three days for preparing the Section 99 report. All challenges to the application are to be considered at the time when necessary orders under Section 100 of the IBC are passed. The matter is posted for next hearing on 10/07/2026 for consideration of the IRP's report.
Topics: Insolvency Proceedings, Personal Guarantor, Banking Dispute