Authority: National Company Law Tribunal, Jaipur Bench (Hon'ble Ms. Reeta Kohli, Judicial Member and Hon'ble Ms. Kavita Bhatnagar, Technical Member)
Order Date: June 19, 2026
Case Overview
The National Company Law Tribunal (NCLT) Jaipur Bench heard IA No. 200/JPR/2026 in CP No. (IB)-81/95/JPR/2022 under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by State Bank of India (Applicant/Creditor) against Shri Rajendra Kumar Maheswari, the personal guarantor to the corporate debtor M/s Suzuki Textiles Ltd. The Resolution Professional reported that the repayment plan proposed by the Personal Guarantor was rejected by the Committee of Creditors (CoC) with 76% of the voting share on December 10, 2025. The present application sought to place on record the report of the Meeting of Creditors regarding the Repayment Plan.
Final Outcome
The NCLT disposed of both the interlocutory application (IA No. 200/JPR/2026) and the main insolvency petition (CP No. (IB)-81/95/JPR/2022). The tribunal dismissed the petition in light of the CoC's rejection of the repayment plan. Both the debtor and creditor were granted liberty to move an appropriate bankruptcy application, if any, within a period of three months from the date of the order.
Topics: Insolvency Proceedings, Guarantor Liability, Banking Dispute