Authority: National Company Law Tribunal, Indore Bench Court No. 1
Order Date: 29 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Indore Bench heard an application filed by MM Boutique Pvt Ltd against Ulka Chandrashekar Nair under Section 95 of the Insolvency and Bankruptcy Code, 2016. The proceedings involve insolvency resolution process for a personal guarantor. The applicant creditor (MM Boutique Pvt Ltd) had complied with previous order dated 15 June 2026 by filing Vakalatnama on 27 June 2026 and submitting written consent of the Resolution Professional on the DMS portal on the same date. An advance copy of the application had already been served upon the respondent/personal guarantor.
Final Outcome
The Tribunal appointed Mr. Mukul Anand Singh (Registration Number: IBBI/IPA-002/IP-N01306/2024-2025/14493) as the Interim Resolution Professional (IRP) for the applicant creditor. The IRP is directed to submit a report under Section 99 of the IBC within 10 days, specifically examining aspects of "Debt", "Default", "Invocation of Guarantee", and "Limitation" to determine the maintainability of the petition. The applicant is directed to serve copies of the application to all creditors and the corporate debtor as per Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors) Rules, 2019, and to serve notices to respondents through registered post/speed post, dasti, and registered email IDs within seven days. The matter is listed for next hearing on 17 August 2026 for consideration of the IRP's report.
Topics: Insolvency Proceedings, Personal Guarantee, NCLT