Authority: National Company Law Tribunal Guwahati Bench (Hon'ble Member (Judicial) Shri Rammurti Kushawaha and Hon'ble Member (Technical) Shri Yogendra Kumar Singh)
Order Date: 13th July 2026
Case Overview
The petition was filed by Catalyst Trusteeship Limited (Financial Creditor) against Soni Jhunjhunwala (Personal Guarantor) of J.U.D. Cements Limited (Corporate Debtor) under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 and Regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The date of default is 01.06.2026, and the petition was filed within the limitation period. The default amount is Rs. 1,96,96,05415/-, which exceeds the threshold of Rs. 1 crore. A notice was issued to the respondent on 09.06.2026 in Form B, invoking the bank guarantee and demanding repayment.
Final Outcome
The NCLT Bench appointed Mr. Avishek Gupta (IBBI/IPA-003/IPN00135/2017-18/11499) as the Resolution Professional. He is directed to file an assignment declaration with the registry and a report under Section 99 of the Code within the stipulated time. The remuneration for the RP is set at Rs. 50,000/-, to be paid by the applicant within one week. The matter is listed for next hearing on 20.08.2026 for perusal of the RP's report and further considerations. Copies of the order are to be served to the RP and IBBI, and IBBI is requested to confirm whether any proceedings are pending against the RP.
Topics: Insolvency Proceedings, Personal Guarantee, NCLT Order