Case Overview

This order pertains to an application (IA-5768/2025) filed by Mr. Prabhakar Kumar, the Resolution Professional (RP), under Section 112 read with Section 115(1) of the Insolvency and Bankruptcy Code, 2016 (IBC). The application sought the Tribunal's approval for the repayment plan submitted by Mr. Jaideep Singh Johar, the Personal Guarantor (PG) of M/s Fidere Facilities Management Private Limited (Corporate Debtor).

The process began when IndusInd Bank Limited, the Financial Creditor, filed an application under Section 95 of the IBC against the PG. The NCLT appointed Mr. Prabhakar Kumar as the RP vide order dated 03.07.2024. The RP subsequently filed a report under Section 99, recommending the initiation of the Personal Insolvency Resolution Process (PIRP), which was admitted by the NCLT on 20.01.2025.

Following the admission, the RP conducted the process as per Sections 102 to 112 of the IBC. A public notice was issued in the Financial Express and Jansatta on 25.01.2025 to invite claims. The only claim received and admitted was from IndusInd Bank for an amount of ₹5,70,30,306, giving it 100% of the voting rights. The PG was initially uncooperative, requiring multiple reminders to submit information and a draft repayment plan. After several delays and extensions of the PIRP period, a final revised repayment plan was submitted by the PG on 11.11.2025.

A total of six meetings of creditors (MoC) were held. In the 6th MoC on 07.11.2025, the sole creditor, IndusInd Bank, voted to approve the repayment plan with a 100% majority.

The salient features of the approved repayment plan are:

  • Total Repayment Value: ₹45,00,000 (Indian Rupees Forty Five Lakh Only)
  • Excluded Debts: Nil
  • Excluded Assets: The surrendered value of an LIC policy (if any) and one gold chain for religious purposes.
  • Source of Funds: The entire amount is to be arranged through loans and advances from friends and family of the PG, as he has no current source of income.
  • Term: The amount is to be repaid in full within 5.5 months from the date of the NCLT's order approving the plan.

The RP filed a comprehensive compliance affidavit detailing adherence to all relevant sections of the IBC and the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.

Final Outcome

The NCLT allowed the application (IA-5768/2025) and approved the repayment plan dated 11.11.2025 for a total value of ₹45,00,000. The Tribunal issued several directions for implementation:

1. The Resolution Professional shall supervise the implementation, including opening and operating an escrow account to receive and distribute funds.

2. The RP shall file a final report after implementation or upon completion of the plan's timeline.

3. Upon full implementation, the personal guarantees given by Jaideep Singh Johar shall be released by the Financial Creditor(s).

4. The approval does not waive any excluded debts as defined under Section 79(15) of the IBC.

5. The RP is directed to forward all records of the process to the Insolvency and Bankruptcy Board of India (IBBI).

6. The Registry is directed to send copies of the order to the IBBI and all parties.

The order effectively resolves the insolvency process against the personal guarantor conditional upon the successful execution of the approved repayment plan.

Topics: Personal Guarantor Insolvency, Debt Resolution, NCLT Order