Authority: National Company Law Tribunal (NCLT), Division Bench, Court - 1, Ahmedabad
Order Date: 10/06/2026
Case Overview
This proceeding, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, involves an application (IA/892(AHM)2026) filed by a Resolution Professional (RP). The application was made in the matter of Central Bank of India vs. Mr. Milin Ramani, a personal guarantor. The insolvency resolution process against Mr. Ramani was initiated by a previous order of the tribunal dated 30.03.2026, which also appointed the RP. A public announcement was made to invite claims from creditors, which were subsequently examined and admitted by the RP.
The personal guarantor, Mr. Milin Ramani, submitted a Repayment Plan dated 15.05.2026. The RP examined this plan and submitted a report to the tribunal under Section 106(1) of the IBC. The present application sought several reliefs from the tribunal: to take the Repayment Plan on record, to take the RP's report on record, to condone a delay in filing this application, and to grant permission to convene a meeting of creditors to consider the Repayment Plan.
Final Outcome
The bench, comprising Member (Judicial) Mr. Shammi Khan and Member (Technical) Mr. Sanjeev Sharma, heard the learned counsel for the applicant RP. After considering the facts and circumstances, the tribunal condoned any delay in filing the application. The Repayment Plan dated 15.05.2026 and the RP's report under Section 106(1) were taken on record. The RP was permitted to convene a meeting of creditors in accordance with Section 107 of the IBC for the consideration of the Repayment Plan and to proceed further in accordance with the law. The application (IA No. 892 of 2026) was allowed and disposed of.
Topics: Insolvency, Personal Guarantor, NCLT