Case Details

Case Name: In the matter of Phoenix Arc Limited vs. Vikas Sharma

Court/Authority: National Company Law Tribunal (NCLT), Chandigarh Bench, Court – II (Special Bench)

Case Numbers: IA(I.B.C)/671(CH)2026 and CP (IB) No.80/Chd/Hry/2026

Date of Order: 19th May 2026

Under Section: 95 & 99 of the Insolvency and Bankruptcy Code (IBC), 2016

Parties Involved

Petitioner/Applicant: Phoenix Arc Limited

Respondent/Personal Guarantor: Vikas Sharma

Legal Representatives:

  • For the Applicant (in IA): Ms. Shreya Moondhar, Advocate
  • For the Petitioner: Ms. Divya Sharma, Advocate
  • For the Respondent (Personal Guarantor): Mr. Vipul Joshi, Advocate

Tribunal Members: Shri. Shishir Agarwal, Hon'ble Member (Technical) and Shri. K. Biswal, Hon'ble Member (Judicial)

Order & Directions

On Application IA(I.B.C)/671(CH)2026:

  • This was an application filed by the Resolution Professional (RP) to have his report under Section 99 of the IBC, 2016 taken on record.
  • The Tribunal heard the applicant's counsel, Ms. Shreya Moondhar.
  • The RP's report was taken on record, subject to just exceptions.
  • The RP was directed to upload the report to the e-portal of the main petition and serve a copy to the opposite counsel.
  • This application was disposed of.

On Main Petition CP (IB) No.80/Chd/Hry/2026:

  • With the RP's report now on record, the Tribunal issued directions for the next steps.
  • Objections to the RP's report, if any, must be filed within two weeks. A copy must be provided in advance to the opposite counsel.
  • Any response or reply to those objections must be filed within one week after the objection period, also with an advance copy to the opposite counsel.
  • The matter has been listed for further consideration before the Regular Bench on 21st July 2026.

Final Ruling & Enforcement

The order is procedural, setting the timeline for objections and replies to the Resolution Professional's report. The final adjudication of the insolvency petition against the personal guarantor is pending and will be considered on the next hearing date, 21st July 2026.