Authority: National Company Law Tribunal (NCLT), Division Bench, Court - 1, Ahmedabad
Order Date: 10/06/2026
Case Overview
This proceeding, filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, involves an application by UC Inclusive Credit Pvt. Ltd against Mr. Alkeshbhai Agrawal, the personal guarantor (PG) for the corporate debtor, Saarthi Pedagogy Pvt. Ltd. The tribunal noted that a service report affidavit confirming service to the personal guarantor and the financial creditor had been filed and taken on record. The core development is the submission of a reply by the personal guarantor, dated 08.05.2026 (Inward No. D 4019), which annexed a settlement agreement dated 07.05.2026. This settlement was reached between the Financial Creditor (UC Inclusive Credit Pvt. Ltd) and the Corporate Debtor (Saarthi Pedagogy Pvt. Ltd). The terms of the settlement stipulate a total agreed amount of Rs. 1,50,00,000/- (Rupees One Crore Fifty Lakhs). A key provision of the settlement is that upon full payment of this amount, the Financial Creditor shall not initiate, continue, or pursue any recovery proceedings against the borrower and/or the guarantors concerning the loan liabilities. The tribunal was informed that a partial payment of Rs. 40,00,000/- has already been made against this settlement, leaving a balance of Rs. 1,10,00,000/- payable on or before 15.07.2026.
Final Outcome
The NCLT bench, comprising Mr. Shammi Khan (Member-Judicial) and Mr. Sanjeev Sharma (Member-Technical), did not issue a final ruling on the merits of the case. Instead, in view of the ongoing settlement and the pending payment, the matter was relisted for the next hearing on 21.07.2026. The practical consequence is a stay of further proceedings until the next date, allowing the parties time to complete the settlement process.
Topics: Insolvency, Settlement, Personal Guarantee