Authority: National Company Law Tribunal (NCLT), Jaipur Bench
Order Date: June 19, 2026
Case Overview
The matter involves an application (CP No. (IB)-28/94/JPR/2026) filed by Manju Devi Goyal (Applicant/Creditor) under Section 94 of the Insolvency and Bankruptcy Code (IBC), 2016 against the State Bank of India (SBI) in its capacity as the creditor to the Corporate Debtor, M/s S.V.M. Oil Mills Pvt. Ltd., against whom the respondent is a Personal Guarantor.
The petitioner had previously filed a petition under Section 94, which was dismissed by the Adjudicating Authority via an order dated April 17, 2026. The dismissal was on the grounds that the petitioner was not a Personal Guarantor, making the Section 94 petition untenable. The petitioner had, however, availed the benefit of an interim moratorium during the pendency of that first petition.
After the dismissal, the petitioner filed the present petition, a second one, contending that a case was now made out as guarantee documents had been enclosed. The counsel for the Financial Creditor, SBI, vehemently opposed the petition and any request for adjournment, raising significant concerns about the petitioner misusing the interim moratorium provision. The tribunal noted the petitioner's conduct in enjoying a prolonged interim moratorium during the first petition's pendency, only to file a second petition after the first was dismissed on merits.
Final Outcome
The NCLT Jaipur Bench, comprising Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar, dismissed the petition (CP disposed of). The dismissal was a direct consequence of the petitioner's conduct in attempting to take undue advantage of the interim moratorium mechanism by initiating a second round of litigation after the first failed. The tribunal found no grounds to grant any indulgence or adjournment.
Topics: Insolvency, Personal Guarantor