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/891(AHM)2026) filed by a Resolution Professional in the matter of Central Bank of India vs. Mr. Vijay Kumar Laxmidas Kaniyera. The insolvency resolution process against the personal guarantor, Mr. Kaniyera, was commenced pursuant to a tribunal order dated 30.03.2026. A Resolution Professional was appointed, a public announcement was made to invite claims from creditors, and the received claims were examined and admitted.
The applicant (Resolution Professional) sought several reliefs from the tribunal: to take on record the Repayment Plan submitted by the Personal Guarantor dated 15.05.2026; to take on record the Report of the Resolution Professional prepared under Section 106(1) of the IBC; condonation of delay in filing the present application; and permission to convene a meeting of creditors to consider the said Repayment Plan.
Final Outcome
The bench, comprising Member (Judicial) Shammi Khan and Member (Technical) Sanjeev Sharma, after hearing the applicant's counsel, allowed the application. The tribunal condoned the delay in filing the application. The Repayment Plan (15.05.2026) and the Resolution Professional's Report were taken on record. The Resolution Professional 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 was disposed of accordingly.
Topics: Insolvency Resolution, Personal Guarantor