Authority: National Company Law Tribunal, Division Bench (Court–I) Chennai
Order Date: 22 June 2026
Case Overview
The matter involves an insolvency proceeding filed by Assets Care & Reconstruction Enterprise Ltd (Financial Creditor) against T Padam Dugar (Personal Guarantor). The main petition is numbered CP(IB)/269(CHE)/2024, with two interlocutory applications IA(IBC)/265(CHE)2025 and IA(IBC)/556(CHE)/2025 being heard. The Financial Creditor has repeatedly failed to produce certain documents allegedly held by the original lender, despite previous opportunities granted by the Tribunal. An Interim Resolution Professional (IRP) report has already been filed and is on record.
Final Outcome
The Tribunal granted one final opportunity of four weeks to the Financial Creditor to file the missing documents. The order explicitly states that if the documents are not submitted within this timeframe, the Tribunal will presume that the Financial Creditor does not possess them and will proceed based solely on the documents already on record. The matter has been listed for next hearing on 18 August 2026. Additionally, the IRP has been directed to serve a copy of the report on the Personal Guarantor.
Topics: NCLT Proceedings, Personal Guarantor Insolvency, Document Compliance