Authority: National Company Law Tribunal Allahabad Bench Prayagraj
Order Date: 9th October, 2026
Case Overview
The National Company Law Tribunal (NCLT) Allahabad Bench, comprising Hon'ble Member (Judicial) Sh. Praveen Gupta and Hon'ble Member (Technical) Sh. Ashish Verma, heard IA No.721/2026 in CP (IB) No.58/ALD/2023. The application involves Small Industries Development Bank of India (SIDBI) versus Saroj Topno, who is the personal guarantor of Margdarshak Financial Services Ltd. The proceedings are under Section 95 of the Insolvency and Bankruptcy Code (IBC) and fall within the Corporate Insolvency Resolution Process (CIRP).
Final Outcome
The Tribunal issued notice to the non-applicant/respondent (Saroj Topno) and directed that a reply be filed within ten days, with an advance copy served to the other side. The NCLT specifically ordered that the non-applicant/respondent shall "fully cooperate with the Bankruptcy Trustee in providing all requisite information and financial details as sought by the Bankruptcy Trustee." The matter has been adjourned and will next be heard on 20th November, 2026.
Topics: Insolvency Proceedings, Personal Guarantor Liability, Banking Tribunal