Authority: National Company Law Tribunal (NCLT) Guwahati Bench
Order Date: 13th July 2026
Case Overview
The petition CP(IB)/44/GB/2026 was filed by Catalyst Trusteeship Limited, the Financial Creditor (FC), against Adarsh Kumar Jhunjhunwala, the Personal Guarantor (PG) for J.U.D. Cements Limited (Corporate Debtor). The petition was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with the relevant rules and regulations for personal guarantors. The date of default was cited as 01.06.2026, and the petition was confirmed to be within the limitation period. The Financial Creditor had issued a notice in Form B on 09.06.2026, invoking the bank guarantee and demanding repayment of the defaulted amount of Rs. 1,96,96,05415/-, which is above the threshold of Rs. 1 Crore required for such petitions.
Final Outcome
The NCLT bench, comprising Member (Judicial) Shri Rammurti Kushawaha and Member (Technical) Shri Yogendra Kumar Singh, appointed Mr. Avishek Gupta (IBBI/IPA-003/IPN00135/2017-18/11499) as the Resolution Professional (RP) for the case. The RP is directed to file an Assignment Declaration with the registry and subsequently submit a report under Section 99 of the IBC within the stipulated time. A copy of this report must be provided to both the Personal Guarantor and the Financial Creditor. The applicant, Catalyst Trusteeship Limited, is to pay the RP a remuneration of Rs. 50,000 for the assignment within one week. The matter has been listed for the next hearing on 20.08.2026 for the perusal of the RP's report and further consideration. The IBBI has been requested to confirm if any proceedings are pending against the appointed RP.
Topics: Insolvency, Personal Guarantor, NCLT Proceeding