NCLT Dismisses Pankaj Sheth Insolvency Petition as Abuse

NCLT Mumbai dismisses Pankaj Sheth's Section 94 IBC petition seeking insolvency resolution as a personal guarantor for Veer Wires Pvt Ltd.
The tribunal finds the petition an abuse of process, filed to frustrate SARFAESI recovery by Abhyudaya Co-operative Bank for Rs 3.84 crore dues.
The order highlights a pattern of filing petitions coinciding with possession notices to invoke moratorium and stall asset recovery proceedings.
The financial creditor's total outstanding claims against the guarantor across multiple entities amount to approximately Rs 19.75 crore.