Authority: National Company Law Tribunal (NCLT), Jaipur Bench
Order Date: June 19, 2026
Case Overview
This order pertains to Interim Application (IA) No. 196/JPR/2026, filed in the main insolvency petition CP (IB)-71/95/JPR/2021. The application was filed by the State Bank of India (the Applicant/Creditor) against Shri Shivratan Chandak, who was the Personal Guarantor to the Corporate Debtor, Maximum Synthetics Pvt. Ltd. (the Guarantor/Respondent). The application was filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The specific purpose of this application was to seek the release of the appointed Bankruptcy Trustee from their duties. Although the application cited Regulation 11 read with Regulation 7(c) of the IBBI (Bankruptcy Process for Personal Guarantor to Corporate Debtor) Regulations, 2019, the counsel requested it to be considered under Section 148(c) of the IBC.
The counsel for the applicant submitted that the bankrupt (Shri Shivratan Chandak) had already been discharged from the process by a previous order of the tribunal dated March 27, 2026. Consequently, the final report had been submitted. The Bankruptcy Trustee had completed the administration of the entire bankruptcy process.
Final Outcome
The NCLT Bench, comprising Judicial Member Ms. Reeta Kohli and Technical Member Ms. Kavita Bhatnagar, allowed the application. The Bankruptcy Trustee is released from their duties effective from the date on which the Committee of Creditors (CoC) had approved the trustee's report under Section 137 of the IBC. With this order, both the interim application (IA No. 196/JPR/2026) and the main insolvency petition (CP No. (IB)-71/95/JPR/2021) stand disposed of.
Topics: Insolvency, Bankruptcy Trustee, NCLT