Authority: National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj
Order Date: 12th June, 2026
Case Overview
The National Company Law Tribunal (NCLT), Allahabad Bench, presided over by Member (Judicial) Sh. Praveen Gupta and Member (Technical) Sh. Ashish Verma, heard two interconnected applications (IA No.392/2026 and IA No.391/2026). The applications were filed by personal guarantors, Archana Mishra and Kumar Mishra, of the corporate debtor M/s Dev Projects Pvt. Ltd. The applications were filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) and are part of the Personal Insolvency Resolution Process (PIRP). The guarantors, through their counsel Sh. Srijan Mehrotra, sought an extension for the completion of a repayment proposal they had previously submitted to settle their obligations to the financial creditor, Axis Bank Limited. The counsel submitted that the repayment plan had already been furnished and was in the process of being complied with, but its implementation required an extension due to a "prevalent financial crunch" faced by the personal guarantors.
The Resolution Professional (RP) for the process, Ms. Babita Jain, was present in person during the hearing.
Final Outcome
The Tribunal did not rule on the merit of the extension request at this hearing. Instead, it issued formal notice of the applications to the Resolution Professional (RP) and the Committee of Creditors (CoC). The RP, present in court, accepted the notice. The Tribunal directed that the CoC must be served notice by the applicant within one week. Both the RP and the CoC were given two weeks from the date of the order to file their responses to the applications, with an advance copy to be served to the opposing side. The matter was adjourned and listed for the next hearing on 6th July, 2026, for further consideration. A photocopy of the order was to be placed on record in both connected matters.
Topics: Insolvency, Personal Guarantee, Banking