Authority: National Company Law Tribunal, Division Bench, Court-1, Ahmedabad
Order Date: 15/07/2026
Case Overview
This proceeding, under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, involves an application (IA/1080(AHM)2026) filed in the main matter CP(IB)/479(AHM)2025. The Applicant is Bank Of Baroda, and the Respondent is Mr. Rajesh Zabbarraj Sanklecha, the Personal Guarantor to the corporate debtor, M/s Fairdeal Jumbo Packaging Pvt. Ltd. The application was filed by the Resolution Professional under Section 60(5) of the IBC read with Regulation 19 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. It initially sought a 30-day extension of the Insolvency Resolution Process (IRP) for the personal guarantor. The reason cited was that a Repayment Plan submitted by the personal guarantor was under consideration by the creditors. During the pendency of this application, the 5th Meeting of the Creditors was held on 13.07.2026, where the said Repayment Plan was unanimously rejected by the creditors.
Final Outcome
The NCLT bench, comprising Member (Technical) Mr. Sanjeev Sharma and Member (Judicial) Mr. Shammi Khan, heard the Learned Counsel for the Applicant, Mr. Sumit Parikh. Considering the subsequent development of the plan's rejection, the tribunal granted a limited extension of 15 days beyond the original end date of 06.07.2026. The Resolution Professional is directed to complete the requisite proceedings and file any appropriate application in accordance with the law within this extended period. The application IA/1080(AHM)2026 stands allowed.
Topics: Insolvency, Personal Guarantor