NCLT Admits Insolvency Application Against Personal Guarantor
Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 15/06/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard an application filed by Ratnaafin Capital Pvt. Ltd. (Financial Creditor) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The application sought initiation of the Insolvency Resolution Process against Mr. Sushil Alkesh Agarwal in his capacity as Personal Guarantor to corporate debtor Saarthi Pedalogy Pvt. Ltd. The application was filed 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 learned counsel for the applicant confirmed that an advance copy had been served upon both the respondent (Personal Guarantor) and the corporate debtor.
The tribunal, comprising Mr. Shammi Khan (Hon'ble Member Judicial) and Mr. Sanjeev Sharma (Hon'ble Member Technical), heard arguments from the applicant's counsel Mr. Sarthak Pandya and reviewed the case records.
Final Outcome
The NCLT admitted the application and appointed Mr. Anil Kumar Dad as Interim Resolution Professional (IRP). Mr. Dad holds registration number IBBI/IPA-001/IP-P-02519/2021-2022/13840 and can be contacted at anil.dad@gmail.com. The IRP is directed to examine the application as per Sections 97(6) and 97(7) of the IBC, 2016 and submit a report under Section 99 of the Code within ten days. This report must recommend either acceptance or rejection of the application. The applicant/financial creditor was ordered to serve copies of both the petition and this order to the IRP within three days. The IRP must file the report through a separate IA in this matter after serving it to both the respondent/personal guarantor and corporate debtor. All challenges to the application are to be considered at the time of passing necessary orders under Section 100 of the IBC. The matter has been posted for next hearing on July 21, 2026 for consideration of the IRP's report.
Topics: Insolvency Proceedings, Personal Guarantor, NCLT Order