Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai
Order Date: 06.07.2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard two interlocutory applications in the matter of Mohadum Niyaz Shareef versus Axis Bank Ltd (Main Petition Number: C.P. (IB)/291(CHE)2025). The applications were IA(I.B.C)/1084(CHE)2026, filed to take on record the 2nd Progress Report for the period from 19.03.2026 to 18.04.2026, and IA(I.B.C)/1112(CHE)2026, seeking condonation of delay of 16 days in filing this report. The Resolution Professional's counsel noted that the Personal Guarantor had not submitted any repayment plan to date. The Personal Guarantor's counsel submitted that there are two guarantors to the loan, both brothers, who wish to file a joint repayment plan rather than individual plans.
Final Outcome
The NCLT bench comprising Member (Judicial) Sanjiv Jain and Member (Technical) Venkataraman Subramaniam disposed of both applications. The tribunal directed the Resolution Professional to accept the joint repayment plan from the Personal Guarantors and place it before the Committee of Creditors (CoC) for consideration. The 2nd Progress Report was taken on record subject to all just exceptions, and the 16-day delay in filing was condoned.
Topics: Insolvency Proceedings, Guarantor Liability, Banking Debt