Authority: National Company Law Tribunal, Mumbai Bench-I

Order Date: 16 July 2026

Case Overview

This order pertains to Interlocutory Application (I.A. (I.B.C)) No. 2082 of 2026 in C.P. (IB) 650/MB/2025, filed by Ms. Dipti Narayan Mundra, the Resolution Professional (IBBI Registration No. IBBI/IPA-001/IP-P-02845/2023-2024/14366) for Mr. Sairus Jigar Rangoonwala, who is the personal guarantor to corporate debtor M/s S.S.K. Stone International Private Limited. The application was filed under Sections 112(1) and 114 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a repayment plan.

The insolvency resolution process against Mr. Rangoonwala was initiated based on his own petition under Section 94(1) of the Code. The Tribunal admitted the application on 30 October 2025, appointed Ms. Mundra as Resolution Professional, and declared a moratorium under Section 101. Following a public announcement, only one creditor, The Mogaveera Co-operative Bank Limited, submitted a claim of ₹15,18,42,710.37, which was admitted in full, giving the bank 100% voting share.

Through eight meetings of creditors held between 24 December 2025 and 28 April 2026, the personal guarantor and the bank negotiated repayment terms. Initial proposals of approximately ₹7.54 crore and ₹7.50 crore were rejected by the bank as unacceptable. The final repayment plan dated 28 April 2026, along with an addendum, was approved by the sole financial creditor with 100% voting share during the eighth meeting on 28 April 2026.

Final Outcome

The Tribunal approved the repayment plan under Section 114 of the Code, which provides for:

  • A consolidated lump sum settlement amount of ₹9,00,00,000 (Nine Crore rupees) toward full and final settlement of all dues, claims, and obligations of the financial creditor against the personal guarantor
  • Payment to be made on or before 20 June 2026 in one or more tranches
  • A bona fide deposit of ₹5,00,000 already made via Demand Draft No. 979216 dated 27 April 2026 drawn on Indian Bank, Nariman Point Branch, Mumbai, which will be first appropriated toward insolvency resolution process costs with any residue applied to the settlement amount
  • Implementation to be supervised by the resolution professional with fortnightly progress reports
  • The resolution professional must file a final report under Section 117 or 118 after implementation or upon completion of timelines
  • Upon successful implementation, the financial creditor must issue a No Objection Certificate and No Dues Certificate within 30 days

The approved plan is binding on the personal guarantor, the financial creditor, and all stakeholders under Section 121 of the Code. The Tribunal directed that the approval does not constitute a waiver of excluded debts as defined under Section 79(14) and that discharge of the personal guarantor will be subject to a separate order under Section 119 after successful implementation.

Topics: Personal Guarantor Insolvency, Debt Settlement, NCLT Approval