Authority: National Company Law Tribunal, New Delhi, Principal Bench (Justice Anupinder Singh Grewal, Hon'ble President and Shri Ravindra Chaturvedi, Hon'ble Member (Technical))

Order Date: 12.06.2026

Case Overview

This matter concerns the Personal Insolvency Resolution Process (PIRP) of Ms. Sumeet Johar, who acted as personal guarantor for corporate debtor M/s Fidere Facilities Management Private Limited. The process was initiated by financial creditor IndusInd Bank Limited, which filed an application under section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC).

The Adjudicating Authority appointed Mr. Prabhakar Kumar as Resolution Professional (RP) vide order dated 03.07.2024. The RP filed a report under Section 99 recommending initiation of PIRP, and the Authority admitted the petition under Section 100 on 20.01.2025, commencing the insolvency resolution process.

IndusInd Bank was the sole admitted creditor with total claims of ₹1,54,18,87,023 (₹154.19 crore), consisting of:

  • Unsecured claim: ₹5,70,30,306
  • Secured claim: ₹1,48,48,56,717 (secured by agricultural land in Uttar Pradesh)

The RP conducted an extensive process involving public notices, multiple creditor meetings, and numerous revisions of the repayment plan. The process required several extensions through various IAs (3586/2025, 4352/2025, 4942/2025, 5126/2025) due to delays in plan submission and creditor deliberations.

Six meetings of creditors were held between April and November 2025. The final repayment plan dated 04.11.2025 (with corrections on 11.11.2025) was put to vote in the sixth meeting on 07.11.2025. IndusInd Bank, holding 100% voting rights, approved the plan.

Final Outcome

The NCLT approved the repayment plan of ₹22,00,000 (Indian Rupees Twenty Two Lakhs only) with the following key directions:

  • The Resolution Professional will supervise implementation of the plan, including opening and operating an escrow account
  • Funds will be sourced from loans and advances from friends and family of the personal guarantor
  • Full payment must be made within 5.5 months from the date of the order
  • Upon completion, the personal guarantees shall be released by the financial creditors
  • The RP must file a final report after implementation and forward all records to IBBI
  • The approval doesn't waive excluded debts as defined under Section 79(15) of IBC

The tribunal found the plan compliant with IBC provisions and Personal Guarantor Regulations, noting that it received 100% creditor approval despite the significant reduction from the original claim amount of ₹154.19 crore to the approved ₹22 lakh repayment.

Topics: Personal Guarantor Insolvency, Debt Resolution, NCLT Proceedings